A new data-reporting rule issued by the Consumer Financial Protection Bureau (CFPB) has Pennsylvania’s community bankers worried about its implications for them and the businesses they serve.
The regulation requires lenders making at least 100 small business loans annually to gather data regarding the entities’ applications, including credit prices, geographic figures, lending determinations and demographic information. The banks must then publish the data they collect. Entities meeting the definition of “small business” are those with gross revenues under $5 million in their last fiscal year.
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