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The Consumer Financial Protection Bureau wants to require lenders to collect data on applications and originations of small business loans.
The 918-page proposed rule released Wednesday would apply to business with $5 million or less in gross yearly revenue and would require lenders to report:
- The amount and type of small business credit applied for and extended.
- Key elements of the price of the credit offered.
- Demographic information about small business credit applicants, including information to show if they are owned by women or minorities.
The CFPB says the rule is mandated by section 1071 of the 2010 Dodd-Frank Act, which requires the CFPB to collect data about small business lending to facilitate enforcement of fair lending laws and to help identify business and community development needs and opportunities.
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