CFPB Sets Data Reporting Requirements for Private Lenders

The Consumer Financial Protection Bureau (CFPB) is an agency designed to protect consumer rights in financial matters. The organization commits to regulating private lenders and increasing support for small businesses. To that end, the CFPB recently launched a Small Business Lending Data Collection Rule and a Small Business Lending Market Data report.

The Small Business Lending Data Collection Rule requires financial institutions to report loan data that is relevant to their business and the businesses of their customers. This is intended to ensure that all borrowers, especially those who are economically disadvantaged, have access to information about the loan structure, fees, and interest rates. This data collection provides the CFPB with a comprehensive view of the lending marketplace, which allows it to gather information to inform future policy decisions.

The CFPB is also releasing a Small Business Lending Market Data Report. This report serves as an annual snapshot of the small business lending landscape and looks at the size of the market, types of products offered, types of lenders, and other relevant data. The purpose of this report is to help small business owners understand the dynamics of the lending environment.

The CFPB is committed to supporting small businesses and those who have traditionally had difficulty obtaining access to credit. By utilizing the data collected through the Small Business Lending Data Collection Rule and the Small Business Lending Market Data Report, the CFPB can help ensure a more equitable lending environment. This new information can help the CFPB create policies that make it easier for small businesses to obtain financing and access capital.

You can read this full article at: https://geracilawfirm.com/cfpb-continues-to-regulate-private-lenders-the-small-business-lending-data-collection-rule/

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