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The Devil is in the Data
Jack Milligan
Editor-at-Large
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Embedded in the Dodd-Frank Act of 2010 was a requirement that all lenders collect data on loans to small businesses, including how many loans went to women and minorities, and report that information to the Consumer Financial Protection Bureau — an agency that was created by the same law. The CFPB was given broad supervisory and enforcement powers, as well as rulemaking authority for consumer finance regulations. Finally — nearly 13 years later — the CFPB issued the small business data collection rule in March 2023. Known as Section 1071 of Dodd-Frank, the rule amended the Equal Credit Opportunity Act to…