On June 15, 2020, the United States Supreme Court in the case of Bostock v Clayton County declared that disparate treatment based on sexual orientation or gender identity is sex discrimination under federal law. It is the law of the land. On March 9, 2021, the Consumer Financial Protection Bureau (CFPB) issued an interpretative rule to amend Regulation B to clarify that disparate treatment based on sexual orientation or gender identity is sex discrimination under […]

Update: Make that 19 Days and Counting! Section 1071 Final Ruling to be Announced This Month

Last week, we started a countdown for the impending final rule implementing the small business data requirements of Section 1071 of the Dodd-Frank Act.  Well, the CFPB released it’s Fall 2022 Semi-Annual Agenda and it indicates the final rule will be released this month. That means the runway to prepare for the most significant regulatory update in decades just got a lot shorter. With that in mind and in order to help you get ready, […]

Three Common Adverse Action Pitfalls

Adverse action continues to be one of the most challenging areas for Compliance Officers to ensure compliance. Trying to provide timely decisions to comply with regulatory requirements, making sure the accurate reasons are being provided to applicants on notices or for verbal notification, can be a cumbersome and often a frustrating process. Jack Holzknecht, Founder and Senior Consultant at Compliance Resource, has been training and providing guidance through his blogs, most recently on May 31, […]

1071 Preparation: What Should We Do Now?

  In the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) of 2010, Congress directed the Consumer Financial Protection Bureau (CFPB) to adopt regulations that will govern data collection for small business and agricultural lending. Section 1071 of Dodd-Frank amended the Equal Credit Opportunity Act (ECOA, Reg. B) to require financial institutions to collect and submit specific data to the CFPB. Congress enacted section 1071 for the purpose of: Facilitating enforcement of fair lending laws. […]


On August 8, 2022, the Consumer Financial Protection Bureau (CFPB) announced live and virtual technical conversations about software used by financial institutions to facilitate compliance with the CFPB’s small business lending rulemaking (referred to as 1071). The CFPB 1071 technical team will share insights into how the CFPB generally builds regulatory compliance systems for the intake of submitted information from financial institutions, such as Home Mortgage Disclosure Act (HMDA) reporting system. The team will also […]