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CFPB issues proposed rule on Section 1071 reqs
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Consumer Protection, Legislation
Tuesday, September 7, 2021
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The Consumer Financial Protection Bureau has issued a notice of proposed rulemaking on the data collection rule mandated by Section 1071 of the Dodd-Frank Act.
The rule would require lenders to disclose information about their lending to small businesses, such as the amount and type of small-business credit applied for and extended, demographic information about small-business credit applicants, and key elements of the price of the credit offered.
Read on for more details.
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