The Devil Is in the Data

Jack Milligan

You have accessed a resource that is only available to our Bank Services members and Subscribers.

From how-to articles, director training videos, key interviews with industry leaders and more, Bank Services provides bank executives and directors with the tools to help grow their financial institutions. To sign up for exclusive access to this online bank board resource, please contact Bank Services at 615-777-8461 or [email protected].

Read The Article

Magazine Subscribers please enter your email and password below.

Bank Services members please login .

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…