The New CFPB Small Business Lending Rule Moves Forward
By EsqSocial Corporation 20/12/24
The new small business finance rule passed by the Consumer Financial Protection Bureau (CFPB) requires “Covered” financial institutions to collect and report data on applications for credit for small businesses. This rule, known as the “Small Business Lending Rule Under the Equal Opportunity Act (Regulation B),” mandates that financial institutions gather and submit information about the geographic distribution of small business lending applications, loan approvals and denials, and demographic...
By: IR Global