Dems Want HMDA-Like Rules for Small Biz Loan Data Disclosure
July 13, 2015
Nearly two dozen Democrats in the U.S. Senate are asking CFPB Director Richard Cordray to speed up a Dodd-Frank Act rulemaking to require lenders to report small business loan data similar to mortgage loans under the Home Mortgage Disclosure Act.“You have acknowledged that the collection and disclosure of small business lending data would be similar in theory and practice to the collection and disclosure of mortgage credit data under HMDA. As the agency moves to finalize the HMDA rule, we believe that now is the time for it to initiate its Regulation B rulemaking,” said the letter to Cordray, written by Democrats led by Sen. Cory Booker, D-NJ. Citing the nearly 28 million small businesses in the U.S., the ...