CONSUMER FINANCIAL PROTECTION BUREAU ISSUES PROPOSED RULE: SMALL BUSINESS LENDING UNDER THE EQUAL CREDIT OPPORTUNITY ACT (REGULATION B)

WASHINGTON, Nov. 13 -- Consumer Financial Protection Bureau has issued a proposed rule called: Small Business Lending Under the Equal Credit Opportunity Act (Regulation B).

The proposed rule was published in the Federal Register on Nov. 13 by Russell Vought, Acting Director, Consumer Financial Protection Bureau.

Summary: The Consumer Financial Protection Bureau (CFPB or Bureau) proposes revisions to certain provisions of Regulation B, subpart B, implementing changes to the Equal Credit Opportunity Act made by section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The Bureau is reconsidering coverage of certain credit transactions and financial institutions; the small business definition; inclusion of certain data p...