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Restating Financial Results
On Sept. 1, 2021, the Consumer Financial Protection Bureau (CFPB) issued a proposed rule which would require lenders to collect and report data about credit applications from small businesses, including women-owned and minority-owned small businesses. The 918-page proposed rule is intended to determine if lenders are meeting the needs of small businesses.
If passed, lenders would be required to report whether the business is minority-owned or women-owned, and the ethnicity, race and sex of the applicant’s principal owners. This would apply to term loans, lines of credit, credit cards and merchant cash advances. In addition to this, lenders would also have to report information related to the below:
Doeren Mayhew will keep you updated on the progress of the proposed rule. Should you need help ensuring your institution is in compliance with Regulation B, contact our regulatory compliance specialists today.
This publication is distributed for informational purposes only, with the understanding that Doeren Mayhew is not rendering legal, accounting, or other professional opinions on specific facts for matters, and, accordingly, assumes no liability whatsoever in connection with its use. Should the reader have any questions regarding any of the news articles, it is recommended that a Doeren Mayhew representative be contacted.
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