WASHINGTON (4/13/11)--Credit unions and other financial institutions are not yet required to comply with regulations that would order them to “collect and report information concerning credit applications made by women- or minority-owned businesses and by small businesses,” according to the Consumer Financial Protection Bureau (CFPB). CFPB General Counsel Leonard Kennedy said in a letter released this week that the regulatory change, which is mandated by the Dodd Frank Act, would not become effective “until the [CFPB] issues necessary implementing regulations.” The new regulation, which amends the Equal Credit Opportunity Act, is meant to “facilitate enforcement of fair lending laws” and help regulators and the public identify the needs of surrounding communities and local businesses. "Given the sensitivity of the data at issue, we believe Congress intended that the bureau first provide guidance regarding appropriate procedures, information safeguards and privacy protections. Waiting to commence information collection until implementing regulations are in place will also ensure that data is collected in a consistent, standardized fashion that allows for sound analysis by the bureau and other users of the data," Kennedy added. For the full letter, use the resource link.