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Is small business data gathering coming?

Answered by: 

Question: 
How might PPP loans trigger new data reporting on business loans?
Answer: 

There are many allegations of PPP fair lending issues. While the SBA asked for some voluntary information, 75% of borrowers did not provide it. The result is the claims of discrimination can neither be supported nor denied. If banks were required to gather data on business loans, the question might have a definitive answer. The CFPB is still proceeding with its mandate to collect HMDA-like LAR data for women-owned, minority-owned and small businesses.

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Learn more about Andy Zavoina’s Fair Lending, be Proactive webinar.

First published on 06/13/2021

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