On Tuesday, the CFPB posted an “unpublished” interim final rule related to Section 1071, and it appears to be “published” in June 18th’s Federal Register. This interim final rule will extend Section 1071 mandatory compliance dates for each of the three compliance tiers by just under one year. The publication goes on to state that Covered financial institutions are permitted to continue using their small business originations from 2022 and 2023 to determine their compliance […]
Tag: Section 1071
Another Change for Section 1071 is Brewing
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 […]
Compliance News Round-Up: November 22, 2024
Here are few interesting news items we brought together in a compliance news round-up for this week… CFPB’s Section 1071 Filing Platform: Beta Testing Feedback As many of you are aware, the beta Small Business Lending Filing Platform opened in August for testing & commentary. Earlier this week, the CFPB released a few tips related to LEIs, data submission, and filing tools early user feedback. Below you’ll find their tips, exactly as shared by the […]
CFPB Study Finds Differential Treatment in Small Business Lending Markets
Yesterday, the CFPB (Consumer Financial Protection Bureau) released a study revealing disparities in how lenders treat Black and white small business owners seeking loans. CFPB Director Rohit Chopra said, “The results of our secret shopping are consistent with the longstanding concerns that small business loan borrowers experience different treatment based on their race. Fair access to small business loans is essential for the success of our economy.” Key Findings from the Study The CFPB’s […]
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 […]