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Gov't to start looking for bias in small business lending

Summary by WKMG
Banks will need to start reporting the demographics and income of small business loan applicants under new rules published by the Consumer Financial Protection Bureau on Thursday.It's a move that policymakers hope will lead to less discrimination and more transparency in the small business lending market, similar to how other laws have regulated the residential mortgage market for decades.Under the Dodd-Frank Act, Congress mandated the bureau to…

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The Post and Courier broke the news in Charleston, United States on Thursday, March 30, 2023.
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