The Consumer Financial Protection Bureau (CFPB) has released a panel report as part of its rulemaking process under Dodd-Frank Act Section 1071 governing the collection and reporting of small-business lending data.
Section 1071 requires financial institutions to collect certain data regarding applications for credit for women-owned, minority-owned, and small businesses, and to report that data to the bureau on an annual basis.
Read on for details from the report.
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