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A federal judge has rejected a challenge by the banking industry against a rule implemented by the U.S. Consumer Financial Protection Bureau (CFPB). The rule mandates that lenders collect demographic data on small business borrowers. This decision is seen as a significant victory for the CFPB, as it aims to ensure lenders are providing fair access to loans for small businesses. The ruling underscores the importance of transparency in lending practices and holds lenders accountable for their lending activities.
US lenders lose court battle over CFPB rule to collect small business data https://t.co/PozmFP9hLg https://t.co/IyNYgqBxF6
This Judge’s decision to uphold the @CFPB small business lending rule is a significant victory. By holding lenders accountable we can get better information about whether lenders are fairly providing loans to small businesses. https://t.co/YZZxR9mdfZ.
A federal judge handed a loss to banking industry groups challenging the CFPB’s rule requiring lenders to collect demographic data on their small business borrowers. https://t.co/FwdOvFPXec
