Magazine : Archives : 3rd Quarter 2023
For Your Review
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...
Please enter your username and password below. If you have not established a password please click “forgot password”.
You have accessed a resource that is only available to Bank Director magazine subscribers and Bank Services members.
To start a subscription to the top resource for bank leaders, click here.
If you are a Bank Services Member, you can access Bank Director by logging in here or entering your magazine passcode and email in the form on the left.
