Cfpb ecoa12/6/2023 ![]() CFPB-2021-0015 – Small Business Lending Data Collection under the Equal Credit Opportunity Act The full text of the comments can be found inline below and can be downloaded as a PDF here.Ĭomment Intake-Section 1071 Small Business Lending Data Collection The comments also advise the Bureau regarding current data collection best practices to collect sex, sexual orientation, gender identity, and variations in sex characteristics and propose a definition for an “LGBTQI+-owned” business similar to existing definitions for minority- and women-owned businesses under Section 1071. In their proposal, the CFPB requested comments as to whether and how to collect sexual orientation and gender identity data about loan applicants.ĬLEAR and interACT’s comments explain to the Bureau how collecting information about sexual orientation and gender identity will enhance the CFPB’s ability to enforce ECOA. The purpose of Section 1071 is to “facilitate enforcement of fair lending laws” including ECOA and to help “identify business and community development needs and opportunities of women-owned, minority-owned, and small businesses.” The CFPB recognized in an interpretive rule earlier this year that unlawful discrimination based on “sex” under ECOA includes discrimination based on sexual orientation and gender identity, consistent with the U.S. Section 1071 requires the CFPB to collect data about minority- and women-owned small businesses from financial institutions in small business lending transactions. ![]() Yesterday, the Center for LGBTQ Economic Advancement & Research and interACT: Advocates for Intersex Youth submitted comments in response to the Bureau of Consumer Financial Protection (CFPB)’s notice for proposed rulemaking regarding the proposed revisions to Regulation B to implement changes to the Equal Credit Opportunity Act (ECOA) under Section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). ![]()
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