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Nearly five years after announcing it would “expeditiously” implement provisions of the Dodd-Frank Act concerning data collection on small business lending, the Consumer Financial Protection Bureau (CFPB) finally seems to be taking action. Not only is it moving to promulgate the required regulations, but it has placed fair lending to the small business community among its top 10 priorities. Read more about the scope of the CFPB’s authority over the small business and business-purpose lending industry and steps that the industry may take to manage compliance risk in Mayer Brown’s Legal Update, available here.