This story appeared in Bank Digest.
Consumer Financial Protection Bureau Director Kathy Kraninger spoke at the Bureau's symposium on Section 1071 of the Dodd-Frank Act on Nov. 6, 2019, in Washington, D.C. The symposium was the third in a series announced earlier this year to explore consumer protections in the financial services marketplace. Section 1071 amended the Equal Credit Opportunity Act to add a section on small business loan data collection.
In her prepared remarks, Kraninger said Sec. 1071 "requires financial institutions to collect, report, and make public certain information concerning credit applications made by women-owned, minority-owned, and small businesses."
Kraninger noted that "the law specifically directs the Bureau to develop a rule for the collection, reporting, and publication of certain data" and said the symposium would "provide an opportunity for academics, market participants, and policy makers to discuss the hurdles and goals of an effective rule."