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Federal lawsuit says CFPB should collect data on business-loan applications from women and minorities

The California Reinvestment Coalition, a coalition of 300 community organizations and small business lenders, filed a federal lawsuit Tuesday against the Consumer Financial Protection Bureau to force the agency to start collecting information on business- and commercial-loan applications made by women- and minority-owned small businesses.

The 2010 Dodd Frank Act, a federal law passed in the aftermath of the 2008 market collapse, requires lenders to compile information on applications and actions taken on loan requests. The CFPB is supposed to publish annual reports on the application, under the law. The absence of such data makes it tougher to pinpoint discriminatory lending problems, according to the case.

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