In a review report, small entities asked the CFPB to draft simple regulations to implement small business lending data collection requirements to reduce compliance burden and expand credit access.
A court settlement has forced the CFPB to outline proposed rulemaking on data collection requirements in the small-business lending space no later than September.
The CFPB will hold a symposium Wednesday to discuss data collection on small business lending; Supreme Court sets briefing schedule in Seila Law v. CFPB.
CFPB Director Kathy Kraninger was grilled by Democratic lawmakers regarding enforcement actions during hearings on Capitol Hill. Other topics such as fair lending, innovation policies and qualified-mortgage patch were also on the agenda.
Lenders now have 15 more months to comply with the underwriting requirements of the payday lending rule. The CFPB is still considering rescinding that portion.
CFPB Releases Small Entity Compliance Guide for Payday Rule; CFPB Updates List of Rural and Under-served Counties; CFPB Seeks Assistant Director for the Office of Regulations.
Almost two dozen Democratic state attorneys general have opposed the CFPB’s proposal to encourage industrywide innovation under the cover of regulatory sandboxes. In a comment letter sent to CFPB Director Kathy Kraninger, the AGs said the proposal is “ill-considered.”