© Reuters. FILE PHOTO: The seal of the Consumer Financial Protection Bureau (CFPB) is seen at their headquarters in Washington, D.C., U.S., May 14, 2021. REUTERS/Andrew Kelly
WASHINGTON (Reuters) – The U.S. Consumer Financial Protection Bureau (CFPB) on Wednesday proposed new requirements for financial institutions to collect and report data on small businesses’ access to credit.
The proposed rule would require lenders report the amount and type of small business credit applied for and extended, demographic information about small business credit applicants, and key elements of the price of the credit offered, the consumer watchdog said in a statement.