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May 15, 2019

CFPB sued for not collecting data on business lending to women, minorities

Reuters--Dena Aubin

A California community group has filed suit against the Consumer Financial Protection Bureau, accusing it of failing to collect data from banks on lending to women- and minority-owned small businesses as required by federal law.

Filed on Tuesday in San Francisco federal court, the lawsuit by the California Reinvestment Coalition said the data is critical to identifying “credit deserts” where the small businesses may have difficulty getting loans. The 2010 Dodd-Frank Wall Street reform act required the CFPB to collect and publish the data but the bureau has not done so, the lawsuit said.

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