Federal judge upholds CFPB rule requiring lenders to collect demographic data for small business borrowers.

A federal judge upheld the CFPB's rule requiring lenders to collect demographic data on small business borrowers, aiming to enforce fair lending laws and prevent discrimination. The American Bankers Association and Texas Bankers Association argued against the CFPB's authority, but the judge dismissed their claims, considering them as disagreements rather than disputes over statutory authority. This ruling supports the CFPB's enforcement of fair lending practices for small and minority-owned businesses, and those opposing the rule will appeal the decision.

August 26, 2024
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