CFPB releases beta platform for small business lending data filing platform

Orrick, Herrington & Sutcliffe LLP
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On August 27, the CFPB launched a beta platform for the small business lending data collection rule under Section 1071 of the Dodd-Frank Act. Financial institutions and their technology Participants can upload sample data test files to test the platform, explore its features and provide feedback. The beta platform is for testing purposes only, and data submitted will not count towards compliance with small business lending data reporting requirements. Test files are available in the CFPB’s repository. Finally, the Bureau states that it is imperative that participants avoid using actual customer data.

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