Lenders May Soon Need To Prepare To Comply With the CFPB’s Small Business Rule

Partner Joseph Barloon and associates Stephanie Foster and Bryan Burcat discuss the CFPB’s 2023 small business lending rule, which requires creditors to determine whether a business is a “women-owned, minority-owned, or small business.” Although the rule still faces two court challenges, banks may want to plan for the possibility that it will take effect later this year.