Guidance on ECOA Section 704B

Answered by:

Question:

I'm not finding too much written about ECOA Section 704B (collect and report information concerning credit applications made by women or minority-owned businesses and by small businesses). Has there been a guidance about how to collect the data, what form to retain it and how to report it to the CFPB?

Answer:

The implementing regulation has not been issued.

First published on BankersOnline.com 3/26/12