Consumer Financial Protection Bureau Director Kathy Kraninger has signaled a cautious approach in her plan to implement a controversial piece of Dodd-Frank, which requires the agency to collect data on minority- and women-owned small business lending, MorningConsult.com reported. The CFPB has, so far, delayed Section 1071 of the Dodd-Frank Act, frustrating consumer advocates who say the data is critical to studying unequal access to funds. A symposium on the topic hosted by the CFPB yesterday is a sign that the bureau intends to move forward on the issue. But Kraninger, in her opening remarks at the symposium, stressed critiques of implementing a rule too quickly, repeating arguments made by Treasury Secretary Steven Mnuchin in a 2017 report when he recommended that the provision be repealed. Kraninger and others who have advocated for the rule to be delayed say they worry the requirement will impose “unnecessary and undue costs” on lenders that would be passed on to women and minority small business owners.
