The Consumer Financial Protection Bureau (CFPB) has finalized a rule required by Congress that will improve transparency in small business lending, as well as helping to promote economic development while combating unlawful discrimination.
CFPB Finalizes Rule Aimed to Promote Transparency in Small Business Lending
The finalized rule means lenders will need to collect and report information about the small business credit applications they process. This information includes geographic and demographic data, as well as the price of credit and the reasoning behind their lending decisions.
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