Groups Sue Trump Over Small-Business Lending Rollback

Advocacy Groups Sue CFPB to Require Implementation of Small Business Lending Data Reporting Rule - Weiner Brodsky Kider PC

Several fair lending and community development advocacy organizations filed a complaint against the CFPB over the agency’s alleged failure to implement a statutory provision requiring lenders to collect and report data about loans to small businesses. The Dodd-Frank Act includes a provision (known as Section 1071) which requires lenders to collect certain information about applications and loans for small businesses and women- & minority-owned b…

Groups Sue Trump Over Small-Business Lending Rollback

A coalition of civil rights and small-business groups is suing the Trump administration for halting a federal rule designed to prevent lending discrimination. The case, Rise Economy et al v. Vought, targets the Consumer Financial Protection Bureau for freezing implementation of a small-business lending data rule mandated by the Dodd-Frank Act. Advocates say the rule is critical for tracking who gets loans and holding lenders accountable, especia…