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SECTION 1033 OF THE DODD-FRANK ACT – DATA AVAILABILITY

Section 1033 of the Dodd-Frank Wall Street Reform and Consumer Protection Act requires a consumer financial services provider to make available to a consumer information in the control or possession of the provider concerning the consumer financial product or service that the consumer obtained from the provider. On October 22, 2020, the Consumer Financial Protection Bureau (CFPB) issued an Advanced Notice of Proposed Rulemaking to solicit comments and information to assist the agency in developing […]

LONG-DELAYED REGULATORY REQUIREMENT INCHES FORWARD

On September 15, 2020, the Consumer Financial Protection Bureau (CFPB) announced the release of an Outline of Proposals Under Consideration and Alternatives Considered for Section 1071 of the Dodd-Frank Act governing small business lending data collection and reporting. The Bureau will convene a Small Business Advocacy Review panel in October 2020. The panel will prepare a report that examines the impact of the potential rule on small businesses. Section 1071 requires financial institutions to collect […]

CFPB FEELING PRESSURE FROM NINE-YEAR DELAY IN ISSUING REGULATIONS

Section 1071  of the Dodd-Frank Act required the Consumer Financial Protection Bureau (CFPB) to issue rules, by July 21, 2011, to implement requirements for HMDA-like data collection and reporting for small businesses and for women-owned and minority-owned businesses. Recently the California Reinvestment Coalition, the National Association for Latino Community Asset Builders, and two individual small business owners filed suit seeking a declaration that the CFPB’s failure to issue regulations implementing Section 1071 violates the Administrative […]

AGENCIES PROPOSE AMENDMENTS TO REGULATIONS CC AND DD

On November 21, 2018 the Bureau of Consumer Financial Protection (the Bureau) and the Federal Reserve Board (FRB), collectively the Agencies, proposed amendments to Regulation CC, the implementing regulation for the Expedited Funds Availability (EFA) Act, that would allow for adjustments in amount of funds depository institutions must make available to customers. The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) amended the EFA Act giving joint rulemaking authority to the Bureau and […]

ATR/QM ASSESSMENT

The Dodd-Frank Act (DFA) requires the CFPB to review certain rules within five years after they take effect. The required reviews are called assessments. The CFPB is conducting an assessment of the ATR/QM rule, and will issue a report of the assessment by January 2019. As required by law, the assessment will address the rule’s effectiveness in meeting the purposes and objectives of Title X of the Dodd-Frank Act and the specific goals of the […]