Jeffrey P. Naimon quoted in American Banker article, “CFPB faces legal minefield in crafting rule on small-business loan data”
American BankerJeffrey P. Naimon
Jeffrey P. Naimon was quoted on September 21, 2018 in an American Banker article, “CFPB faces legal minefield in crafting rule on small-business loan data,” which discussed a report from the Consumer Financial Protection Bureau that discusses the issues regulators are facing as they consider asking small-business lenders for data on their borrowers. The article stated, “On the one hand, the CFPB wants more data as it conducts fair-lending exams of small-business lenders to assess redlining risks. Yet the Equal Credit Opportunity Act's prohibition on collecting race and gender information from small businesses has made it difficult for the bureau to write rules on what data to collect.”
Naimon noted, “The CFPB expects supervised entities to keep better information to determine if they are discriminating in small-business lending. Exactly what data a financial firm is supposed to have is unclear since there isn’t a regulation allowing them to collect data.”
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