Small Business Lending Data Collection: Navigating the Final Rule and Guidance on Next Steps
The Consumer Financial Protection Bureau (CFPB) recently issued its long-awaited final rule on small business lending data collection to facilitate fair lending and improve lending opportunities for women-owned and minority-owned small businesses. As a result, covered financial institutions will now need to collect and report 20 data points, including geographic and demographic data, lending decisions and the price of credit for covered applications from small businesses.
Join this complimentary webcast as Doeren Mayhew’s John Zasada takes a deep dive into the rule. Walk away with clarity on the next steps ahead and how to remain compliant.
Gain insight into the background of the rule and its impact on your institution.
Determine if the rule applies to your institution.
Understand the reportable applications and the resulting data points that must be collected and reported.
Recognize reusable data points, firewalls, discouraging applicants, safe harbors, bona fide errors, compliance costs and grace periods.
Identify the next action steps to successfully comply with the rule and upcoming compliance dates to be on the lookout for over the next three years.