BPI encouraged the Consumer Financial Protection Bureau in a Dec. 14 comment letter to continue taking a tailored approach to its small business lending data collection rule under Section 1071 of the Dodd-Frank banking law. Banks should be able to rely on information that borrowers provide when reporting such data and should be given flexibility on the time period for collecting that information, BPI said in its comment letter. The CFPB should also tailor and clearly define the scope of what loan products are covered and excluded under the policy, BPI wrote.
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