Small-Business Loan Reporting/Enforcement Risk

The Dodd-Frank Act1 requires the CFPB to collect information from financial institutions (not just banks) on credit applications from women- and minority-owned small businesses and other small businesses. Before proposing these data-collection requirements, the CFPB is seeking information that will inform not only any new reporting requirements, but also broader CFPB and regulatory action risks associated with small-business lending.