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Consumer Financial Protection Bureau Launches Small Business Lending Data Collection Beta Platform

The Consumer Financial Protection Bureau (CFPB) has announced the launch of a beta platform for the small business lending data collection rule under section 1071 of the Dodd-Frank Act. This initiative aims to gather more comprehensive data from financial institutions to improve transparency and access to credit for small businesses.

AI legalese decoder can assist financial institutions and their technology partners in navigating the beta platform with ease. By utilizing AI-powered tools, users can streamline the process of uploading sample data test files, reviewing validation results, and exploring the platform’s features. This technology also provides valuable insights and recommendations for enhancing the data filing process.

Participants in the beta platform can access the Small Business Lending Data Filing Platform, learn more about its functionalities through a detailed document, and share this information with relevant colleagues or partners within their organization. It is important to note that the beta platform is solely for testing purposes and should not be used for compliance with small business lending data reporting requirements.

The CFPB encourages feedback from participants to identify potential areas for improvement and enhance the overall user experience. Teams can engage with the platform at their own pace and convenience, contributing to the ongoing development of small business lending data collection practices.

Furthermore, the CFPB’s small business lending rule issued on March 30, 2023, expands the data that lenders must collect to assess business loan applications. Lenders will be required to disclose demographic, geographic, and other borrower details to ensure fair and equitable access to credit.

With specific timelines outlined in the interim final rule issued by the CFPB on June 25, lenders must begin collecting data based on their small business loan volume. This phased approach aims to facilitate a smooth transition to the new data collection requirements, with deadlines ranging from July 18, 2025, to October 18, 2026.

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