Banking industry loses challenge to CFPB small business loan rule

- A federal judge on Monday rejected a banking industry-backed challenge to a rule adopted by the U.S. Consumer Financial Protection Bureau that requires lenders to gather demographic data on small business borrowers.

The regulation requires lenders to gather and report to the agency data on small business loan applications, including whether the firms are owned by women or racial minorities. But Crane said the groups' arguments boiled down to a disagreement with the agency's determinations rather than a dispute over its statutory authority to adopt it at all.

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Banking industry loses challenge to CFPB small business loan ruleA federal judge on Monday rejected a banking industry-backed challenge to a rule adopted by the U.S. Consumer Financial Protection Bureau that requires...
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