CFPB’s biz lending data collection should exceed HMDA: Report

by. Nicholas Ballasy

The CFPB should collect even more data on business lending to women and minorities than it is currently collecting on mortgages to comply with the Home Mortgage Disclosure Act.

That was the overall recommendation made in a National Community Reinvestment Coalition report Thursday that advised the CFPB on how it should implement Dodd-Frank Act mandates that require collection of the data to prevent discrimination.

“In order for regulators and the public to fully understand lending patterns, a comprehensive picture of the lending marketplace is needed,” said the report, Small Business Loan Data: Recommendations to the CFPB.

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