A new data set rule on small business lending in America has been finalized by the CFPB
Monday, 03 April 2023
A rule that was mandated by Congress and enacted by the Consumer Financial Protection Bureau (CFPB) will improve small business financing transparency, foster economic growth, and combat unlawful discrimination. In addition to geographic and demographic information, lending decisions, and credit costs, lenders will also gather and disclose information about the small company credit applications they receive. The regulation will complement the Community Reinvestment Act, which mandates that some financial institutions provide services to areas in need.
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