Laura Alix, director of research at Bank Director
The New Small Business Lending Data Rule The Consumer Financial Protection Bureau recently finalized a rule requiring all lenders to collect demographic data on their small business borrowers. The most active lenders will have to comply with the rule beginning in October 2024. The basic intent of the rule is to increase transparency in small business lending, promote economic development and combat discrimination, according to the agency. It’s colloquially known as the Home Mortgage Disclosure Act (HMDA) for small businesses, based on similarities with that law’s data collection requirements. The new rule, which was codified in Section 1071 of the...
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Laura Alix is the Director of Research at Bank Director, where she collaborates on in-depth strategic research for bank directors and senior executives, including Bank Director’s annual surveys. She also writes for BankDirector.com and edits online video content.