Abrigo

MAY 30, 2023

CFPB intends the data collected by lenders on each small business credit application to shed light on potential disparate treatment in loan terms, especially related to minority-owned small business applicants, including women-owned small businesses. 1, 2026, and they are required to collect the information for the entire year.

Credit Unions 78

Credit Unions Credit and Collections Transactions Small Businesses 78

Biz2X

FEBRUARY 27, 2024

Section 1071 of the Dodd-Frank Act amended the Equal Credit Opportunity Act (ECOA), directing financial institutions to compile, maintain, and submit specific data on credit applications and lending decisions for women-owned, minority-owned, and small businesses, with the goal of fostering transparency, accountability, and fair lending practices.

Credit and Collections 52

Credit and Collections Credit Unions Small Businesses Credit Application 52

Biz2X

NOVEMBER 20, 2023

Understanding CFPB 1071 CFPB 1071 amends the Equal Credit Opportunity Act (ECOA) to mandate data collection and reporting concerning business credit applications to the CFPB. Institutions originating at least 100 loans annually must comply beginning January 1, 2026.

Credit and Collections 52

Credit and Collections Small Businesses Transactions Credit Application 52

Biz2X

NOVEMBER 20, 2023

Understanding CFPB 1071 CFPB 1071 amends the Equal Credit Opportunity Act (ECOA) to mandate data collection and reporting concerning business credit applications to the CFPB. Institutions originating at least 100 loans annually must comply beginning January 1, 2026.

Credit and Collections 52

Credit and Collections Small Businesses Transactions Credit Application 52