Webinar: CFPB Small Business Loan Data Collection Rule 2023 | Utah's Credit Union | 19 November 2023 | Webinar

Operators of small and local businesses finance their enterprises through a variety of sources, including loans from credit unions. However, there is currently limited data on small business entrepreneurs’ access to credit, and no comprehensive information available about small business lending.

For decades, the government has assembled data pursuant to Congressional mandates on residential mortgages. Now, the Consumer Financial Protection Bureau (CFPB) has finalized a rule to increase transparency in small business lending, promote economic development, and combat unlawful discrimination. The rule will work in concert with the Community Reinvestment Act, which requires certain financial institutions to meet the needs of the communities they serve.

This event will discuss:
• how to comply with the new requirement to collect data on loans to small businesses.
• whether the rule applies to your credit union
• which borrowers it covers
• what data you must collect
• when compliance starts
• how to collect and report that data