CFPB butts heads with banks over small business lending rule

The Consumer Financial Protection Bureau’s (CFPB) small-business lending rule, finalized in March, is the subject of a back-and-forth legal battle between the bureau and seven Kentucky state-chartered banks, one national bank operating in Kentucky and the Kentucky Bankers Association arguing the rule contains too many new data collection requirements and the bureau overstepped what Congress envisioned for such a rule when it approved the Dodd-Frank Act.