ICBA published a summary of the Consumer Financial Protection Bureau’s proposed rule to implement Dodd-Frank Section 1071 data collection and reporting requirements for small-business lending.
Details: The summary includes the proposed rule’s key definitions, collection and reporting standards, how the data will be maintained and published, and more.
Background: Section 1071 requires financial institutions to collect and report certain data on credit applications from women-owned, minority-owned, and small businesses, including the race, sex, and ethnicity of the principal owners.
Narrow Exemption: In a national news release last week, ICBA said it strongly supports a robust community bank exemption, but the proposal’s exemption for those that originate fewer than 25 loans per year is far too narrow. Read the summary.
