Sen. Gillibrand (D-NY) will introduce legislation to require broader data collection on thousands of loan and credit applications. Her bill is an effort to “crack down” on lending discrimination. Gillibrand will sponsor a proposal to drastically expand the amount of data reported to (and analyzed by) the Consumer Financial Protection Bureau (CFPB) from banks, lenders and credit card companies.
Her “Protections in Consumer Lending Act” would require any lending or credit firm to collect demographic information from customers seeking automobile loans, credit cards, cash checking services, short-term loans and loans with annual percentage rates above 36%. Banks and lenders would be required to collect the age, race, sexual orientation, gender identity, sex and marital status of applicants for those products and report it to the CFPB, along with whether the applicants were approved or denied for the product. However, her bill faces an extremely uphill battle in the GOP-controlled Senate, which will likely oppose such an expansion of CFPB data-collection authority.