WASHINGTON—The CFPB has released an updated version of its Filing Instructions Guide for section 1071 rulemaking, related to small business lending data collection.
The release comes at the same time bank and credit union trade groups have been seeking court injunctions to get relief from having to implement the new rule.
The updates to the filing guide include:
- Reordering certain demographic information codes to better correlate with Home Mortgage Disclosure Act (HMDA) data, per request from industry
- Minor wording clarifications to the pricing information data point
- Minor administrative updates to the validation IDs
The changes were also incorporated into the Small Business Lending Rule Data Points Chart. The Bureau has a compliance guide for small entities and other resources available online.
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