Mar. 31: CFPB Updates This Week

The Consumer Financial Protection Bureau (CFPB) has finalized a rule required by Congress to increase transparency in small business lending, promote economic development, and combat unlawful discrimination. Lenders will collect and report information about the small business credit applications they receive, including geographic and demographic data, lending decisions, and the price of credit. The rule will work in concert with the Community Reinvestment Act, which requires certain financial institutions to meet the needs of the communities they serve. The increased transparency will benefit small businesses, family farms, financial institutions, and the broader economy.

The final rule is available here:

The Filing Instructions Guide is available here:

The regulatory implementation resources are available here:

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CFPB Issues Determination that State Disclosure Laws on Business Lending are Consistent with the Truth in Lending Act

The Consumer Financial Protection Bureau (CFPB) announced it has determined that state disclosure laws covering lending to businesses in California, New York, Utah, and Virginia are not preempted by the federal Truth in Lending Act. The CFPB examined the state disclosure laws to determine if they were inconsistent with and preempted by the Truth in Lending Act. After analyzing public comments on its preliminary determination, the CFPB affirms there is no conflict because the state laws extend disclosure protections to businesses and entrepreneurs that seek commercial financing. Read more


CFPB Want to Know About Your Experiences with Data Brokers

We often don’t get to choose the companies that control our most personal and sensitive information. Data brokers is a term to describe those companies that collect, aggregate, sell, resell, license, or share our personal information with others.

Data brokers play a decisive role in our financial lives, impacting whether we’re able to buy a home or find a job. The CFPB wants to hear from the public about the business practices of data brokers and how those practices have directly affected people’s lives. We have released a Request for Information to understand the full scope and breadth of the industry and whether all data brokers are playing by the same rules.

Congress passed the Fair Credit Reporting Act in response to concerns about how companies were creating and selling detailed dossiers of consumers’ personal information. Our inquiry seeks information about data broker business practices employed in the market today to inform the CFPB’s efforts to administer the law, including planned rulemaking under the FCRA. Read more