CFPB Proposes Business Loan Data Collection Rule

The CFPB has announced a proposed new rule, mandated by Congress in section 1071 of the Dodd-Frank Act, that if finalized would require lenders to disclose information about their lending to small businesses, which would allow community organizations, researchers, lenders, and others to better support small business and community development needs. Under the proposal, lenders would be required to report the amount and type of small business credit applied for and extended, demographic information about small business credit applicants, and key elements of the price of the credit offered.

The CFPB also launched a web portal for small business entrepreneurs to share their stories about applying for credit, which will help the CFPB understand small business entrepreneurs’ challenges and successes in accessing credit. The portal can be found on the CFPB's Small Business Lending webpage.

The CFPB also said specific and detailed feedback and suggestions for ways to improve the rule will be especially helpful as the Bureau works to finalize the rule in a timely manner. The comment period is 90 days from publication in the Federal Register, and the CFPB does not anticipate an extension of that deadline.

• Proposed rule
• Table of Contents for the proposal
• Summary of the proposal
• Chart of proposed data points for reporting
• Remarks of Acting Director Uejio at the press call on the proposal rule