Senate Democrats Urge Rules for Small Biz Loan Data Disclosure

Sen. Cory Booker (D-N.J.) led a group of several Senate Democrats on Friday in asking Consumer Financial Protection Bureau Director Richard Cordray to accelerate a Dodd-Frank Act rulemaking that would require lenders to report small business loan data similar to mortgage loans under the Home Mortgage Disclosure Act.

“Current data collection efforts are fragmentary and provide an incomplete picture of lending in the small business marketplace,” the senators wrote. “Regulation B will facilitate the enforcement of fair lending laws and help identify the credit needs of women-owned, minority-owned, and all small businesses.”

The Dodd-Frank provision has since 2012 been listed on the CFPB’s rulemaking agenda as a long-term regulatory project.