Banking,
Administrative/Regulatory
Sep. 23, 2021
CFPB issues proposed rule on data collection for small business lenders
On Sept. 1, the Consumer Financial Protection Bureau issued its long-awaited small business lending data collection proposed rule. It took 10 years and a lawsuit for the CFPB to issue the proposed rule. Covered financial institutions will have to evaluate the impact of the proposal on their small business lending.
Nancy R. Thomas
Partner
Davis, Wright & Tremaine LLP
Phone: (213) 633-6800
Email: nancythomas@dwt.com
Univ of Chicago Law School; Chicago IL
Nancy is a consumer class action and regulatory enforcement lawyer who represents her clients in high-stakes litigation in state and federal courts, as well as in arbitration and administrative proceedings.
Jeremy R. Mandell
Partner
Morrison & Foerster LLP
Jeremy is co-chair of the firm's Financial Services Practice Group and co-leads the FinTech practice. His practice focuses on financial services regulation, with particular attention to payment and emerging payment issues.
On Sept. 1, the Consumer Financial Protection Bureau issued its long-awaited small business lending data collection proposed rule. It took 10 years and a lawsuit for the CFPB to issue the proposed rule. Covered financial institutions will have to evaluate the impact of the proposal on their small business lending.
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