Reported about 2 months ago
A federal judge has dismissed a challenge by the banking industry against a Consumer Financial Protection Bureau (CFPB) rule mandating lenders to gather demographic data on small business loan applicants. The regulation aims to enhance enforcement of fair lending laws by collecting data on woman-owned and minority-owned businesses. Despite arguments from banking associations that the rule could undermine its intent and raise costs for borrowers, the judge ruled that the CFPB acted within its legal authority. The deadline for lenders to comply has been extended to July 2025.
Source: YAHOO