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In July of 2022, the CFPB had agreed to a March 31, 2023, deadline for issuing a final rule implementing the small business data requirements of Section 1071 of the Dodd-Frank Act. Section 1071 amended the ECOA, to require financial institutions to collect and report certain data in connection with credit applications made by small businesses, including women- or minority-owned small businesses. The CFPB issued a NPRM in September 2021 and the comment period ended on January […]

  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 […]