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Late last week, the CFPB finalized a major regulation implementing Section 1071 of the Dodd-Frank Act. Under this provision, the Equal Credit Opportunity Act (ECOA), which is implemented through Regulation B, was amended to mandate that the CFPB develop a framework for financial institutions to collect data on loans to minority and women-owned businesses. Think of this as extending HMDA protections and oversight to business lending for institutions that make 100 or more small business loans a year.
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