CFPB stated that covered financial institutions, consistent with section 1071, are required to collect and report to the CFPB data on applications for credit for small businesses, including those that are owned by women or minorities. part 1002 (Regulation B) to implement changes to the Equal Credit Opportunity Act (ECOA) made by section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). ![]() The effective date is August 29, 2023.Īccording to CFPB, this final rule amends 12 C.F.R. It was published in the Federal Register as a final rule on May 31, 2023. ![]() Pursuant to section 801(a)(2)(A) of title 5, United States Code, this is our report on a major rule promulgated by the Consumer Financial Protection Bureau (CFPB) titled “Small Business Lending Under the Equal Credit Opportunity Act (Regulation B)” (RIN: 3170-AA09). Subject: Consumer Financial Protection Bureau: Small Business Lending Under the Equal Credit Opportunity Act (Regulation B) If you have any questions about this report or wish to contact GAO officials responsible for the evaluation work relating to the subject matter of the rule, please contact Shari Brewster, Assistant General Counsel, at (202) 512-6398.Ĭommittee on Banking, Housing, and Urban Affairs part 1002 (Regulation B) to implement changes to the Equal Credit Opportunity Act (ECOA) made by section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) and (2) addresses CFPB's approach to privacy interests and the publication of data shielding certain demographic data from underwriters and other persons recordkeeping requirements enforcement provisions and the rule's effective and compliance dates.Įnclosed is our assessment of CFPB's compliance with the procedural steps required by section 801(a)(1)(B)(i) through (iv) of title 5 with respect to the rule. GAO reviewed the Consumer Financial Protection Bureau's (CFPB) new rule entitled "Small Business Lending Under the Equal Credit Opportunity Act (Regulation B)." GAO found that the final rule (1) amends 12 C.F.R.
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