WASHINGTON, May 1 -- Consumer Financial Protection Bureau has issued a rule called: Small Business Lending Under the Equal Credit Opportunity Act (Regulation B).
The rule was published in the Federal Register on May 1 by Russell Vought, Acting Director, Consumer Financial Protection Bureau.
Summary: The Consumer Financial Protection Bureau (Bureau or CFPB) is revising certain provisions of Regulation B, subpart B, which implements changes to the Equal Credit Opportunity Act made by section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The Bureau is amending coverage of certain credit transactions and financial institutions; the small business definition; inclusion of certain data points and how others are collecte...