News & Analysis as of

Fair Lending Data Collection Lenders

GeoDataVision

Why Does the CFPB Disguise Important Mortgage Data?

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Banks play a pivotal role in the economic wellbeing of our nation and local communities. Banks do this by being “financial intermediaries” facilitating the flow of funds between savers and borrowers. This obligation is so...more

Hudson Cook, LLP

[Webinar] CFPB Bites of the Month: The CFPB Shines Like the 4th of July - July 17th, 12:30 pm ET

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Please join Eric Johnson and Justin Hosie as they recap recent CFPB actions and enforcements, including negative equity findings from the Auto Finance Data Pilot; compliance dates for the Small Business Lending Rule; the...more

Ballard Spahr LLP

The Dilemma Facing Lenders Subject to the 1071 Small Business Data Collection and Reporting Rule

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We recently reported that a federal district court in Kentucky enjoined the CFPB from implementing the small business data collection and reporting rule, also referred to as the 1071 rule based on the Dodd-Frank section...more

Latham & Watkins LLP

CFPB Finalizes Rule on Small Business Lending Data

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The rule requires that lenders collect and report extensive applicant data to the CFPB, intended to deter discrimination and promote economic growth. On March 30, 2023, the Consumer Financial Protection Bureau (CFPB)...more

Sheppard Mullin Richter & Hampton LLP

Lawsuit Challenges CFPB Reporting Rule for Small Business Lending

On April 26, an association of Texas state banking organizations and a Texas minority depository institution filed a joint complaint against the CFPB in Texas federal court seeking to invalidate a recently finalized agency...more

Bradley Arant Boult Cummings LLP

Ready or Not, Section 1071 is Coming: The Upcoming Implementation of Dodd-Frank’s Women and Minority-Owned and Small Business...

As part of the 2010 Dodd-Frank Act, Congress enacted Section 1071, which amended the Equal Credit Opportunity Act to mandate certain reporting requirements for lenders making business loans. The act aims to “facilitate...more

Ballard Spahr LLP

84 House members urge expedited CFPB action on small business lending data collection rules

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84 House members recently wrote to the CFPB to urge it to expedite rulemaking to implement the small business lending data requirements of Dodd-Frank Section 1071. Section 1071 amended the ECOA to require financial...more

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