Federal lawsuit says CFPB should collect data on business-loan applications from women and minorities

Although the no-action letter reveals that the CFPB remains committed to completing its inquiry into the use of alternative data to expand credit, it offers little guidance outside of the contours of Upstart’s platform and Upstart may still have to deal with fair lending issues with the CFPB down the road.

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Federal lawsuit says CFPB should collect data on business-loan applications from women and minorities By. say supporters of the law. The CFPB didn’t immediately respond to a request for.

Home CFPB seeking Assistant Director to advise on small business lending data collection rules. 1071 amended the ECOA to require financial institutions to collect and maintain certain data in connection with credit applications made by women- or minority-owned businesses and small businesses.

Federal lawsuit says CFPB should collect data on business-loan applications from women and minorities – The 2010 Dodd Frank Act, a federal law passed in the aftermath of the 2008 market collapse, requires lenders to compile information on applications and actions taken on loan requests. The CFPB is.

Home Personal Finance Federal lawsuit says CFPB should collect data on business-loan applications from women and minorities. Federal lawsuit says CFPB should collect data on business-loan applications from women and minorities. May 15, 2019.

Judge in CFPB Leadership Lawsuit Says He Will Act Quickly Trump administration plans to file response to Leandra English’s temporary restraining order request Monday night

On July 21, 2010, the Dodd-Frank Act established the CFPB to regulate the offering and provision of consumer products or services under federal consumer financial law. The CFPB is authorized under the act to enforce federal consumer financial law through judicial actions and administrative adjudication proceedings.

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On May 10, 2017, the consumer financial protection Bureau ("CFPB") issued a request for information on small business lending. In a press release accompanying the request, the CFPB stated that its goal is to "learn more about how small businesses engage with financial institutions, with a particular focus on women-owned and minority-owned small business," in order to help "implement.

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