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Small Business Lenders Subject to New CFPB Data Reporting Rule
April 6, 2023Resulting from a lawsuit by the California Reinvestment Coalition against the Consumer Financial Protection Bureau (“CFPB”) in 2019 for its failure to promulgate a small business lending data rule in compliance with the Consumer Financial Protection Act sections of Dodd-Frank, and in order to comply with the resulting court order, the CFPB announced that it had finalized a rule regarding small business lending data. For purposes of the 888-page Final Rule, small businesses are those that have a gross revenue of $5M or less.
