It seems like every morning you get up, grab some coffee, and look for the latest news on so-called “final” rules. Last week, we found out that the federal bank regulatory agencies announced their intent to rescind the Community Reinvestment Act (CRA) final rule issued in October 2023, and reinstate the previous CRA framework. This week, via a court filing, the Consumer Financial Protection Bureau (CFPB) signaled their intent to “initiate new rulemaking” for Dodd-Frank […]
Category: Section 1071
FREE Section 1071 Guide For Community Bankers
Download our FREE Section 1071 guide, “An Introduction to Section 1071: Small Business Lending Data Collection Requirements,” to understand how the latest regulatory changes will reshape the landscape of small business lending. Written by the experts here at COMPLIANCE RESORUCE, this paper will help you… Comprehensive Overview of Section 1071: Gain a thorough understanding of the key elements of the new regulation and its implications for financial institutions. Implementation Timeline: Learn about the critical […]
Section 1071: Compliance Date Extension
Earlier this week, the Consumer Financial Protection Bureau (CFPB) announced an update to Section 1071, the small business lending rule, extending compliance deadlines following recent court rulings. This move, aimed at providing clarity and additional time for lenders, comes in the wake of the Supreme Court decision in CFPB v. CFSA. Background of the Rule and Legal Proceedings The small business lending rule, initially issued by the CFPB on March 30, 2023, faced a temporary […]
Section 1071: Where We Stand Now
Since Section 1071 of the Dodd-Frank act was finalized by the CFPB on March 30, 2023, it has been surrounded by controversy. The rule, requiring small business lenders to collect race, gender, and other demographic data from small business loan applicants, was more than a decade in the making but with various legal actions complicating the picture, let’s take a look at where Section 1071 stands now. Controversy in Congress Earlier this month, the Senate […]
Additional FAQs Released by CFPB on Section 1071
Today, the CFPB released additional, more extensive Frequently Asked Questions on Section 1071, Small Business Data Collection and Reporting requirements. The expanded list of questions extends beyond the Institutional Coverage and Small Business/Credit transactions they released in June of this year, to include guidance on Firewall and Record Retention. In addition to the new sections, the CFPB also added additional questions and more details to the prior sections of the FAQ. It is important to […]