On July 10, nineteen Democrat U.S. Senators sent a letter to the CFPB urging it to implement a rule required under the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank). The rule in question relates to Section of 1071 of Dodd-Frank, which requires the CFPB to collect and make public data on lending to small businesses. In his press release, U.S. Senator Cory Booker summarized the views of his colleagues on the need to expedite implementing the rule:
A lack of public data makes it difficult for lenders to identify and control the levers available to increase lending across all communities. Section 1071 of the Dodd-Frank Act requires the CFPB to collect and make public data on small business lending. By improving the data that is publicly available, the rule could facilitate enforcement of fair lending laws and could improve access to credit for women-owned, minority-owned, and all small businesses.
The CFPB, in its 2014 Fair Lending report, is exploring how it can work with other agencies to understand current small business data collection efforts and future opportunities.