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The CFPB Wants Data On Small Business Loans. Bankers Are Outraged

The CFPB Wants Data On Small Business Loans. Bankers Are Outraged

In an interview, the ICBA’s assistant vice president and regulatory counsel, Joe Gormley, expressed particular concern about the bureau's discretionary authority to demand additional data, pointing to its rule for home mortgage disclosures. "CFPB has actually expanded that to 110 different data points that lenders need to collect on every mortgage loan."

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