U.S. Consumer Financial Protection Bureau Finalizes New Rule on Small Lending Data
The U.S. Consumer Financial Protection Bureau (CFPB) has finalized new regulations replacing a previous Biden-era rule that required banks to collect demographic data on small business borrowers. The change, part of the Trump administration's regulatory rollback, aims to reduce the burden on banks and may impact efforts to prevent bias in lending practices. The rule faced legal challenges and industry opposition, arguing it was overly burdensome.
Topics: CFPB demographic data collection financial inclusion regulatory rollback small business lending