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Lenders › Dodd-Frank Wall Street Reform and Consumer Protection Act › Reporting Requirements

Ballard Spahr LLP

Budget bill does not include Senate proposal to delay Section 1071 for ten years, but Trump Administration again promises changes

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The huge budget bill signed by President Trump on July 4 does not include a proposal from Senate Banking, Housing and Urban Affairs Committee Republicans to delay implementation of the Section 1071 rule for ten years, but the...more

Cooley LLP

CFPB Issues Interim Final Rule Extending Small Business Lending Rule Compliance Deadlines

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The Consumer Financial Protection Bureau (CFPB) recently issued an interim final rule (2025 interim final rule) delaying compliance deadlines for a second time for its small business lending data collection rule, which...more

Sheppard Mullin Richter & Hampton LLP

CFPB Seeks to Reopen Small Business Lending Rule Under Section 1071

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On April 3, the CFPB informed a Florida federal district court that it plans to initiate new rulemaking to revise its small business lending data collection rule under Section 1071 of the Dodd-Frank Act. The Bureau agreed to...more

Stinson LLP

An Uncertain Future for CFPB's Section 1071 Rule Regarding Small Business Lending Data

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In a pivotal development, the U.S Court of Appeals for the Fifth Circuit has stayed enforcement of the Consumer Financial Protection Bureau’s (CFPB) Small Business Lending Rule — also known as Section 1071 of the Dodd-Frank...more

Troutman Pepper Locke

Compliance Deadlines for the 1071 Rule are Tolled — But for an Unspecified Period of Time — Amid Legislative Efforts to Repeal the...

Troutman Pepper Locke on

On Friday, the U.S. Court of Appeals for the Fifth Circuit ordered the tolling of compliance deadlines for the Consumer Financial Protection Bureau’s (CFPB or Bureau) Small Business Lending Data Collection final rule under...more

GeoDataVision

Should the CFPB Reconsider the Implementation Dates for Section 1071 Data Collection?

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The recent Supreme Court ruling that upheld the constitutionality of the Consumer Financial Protection Bureau’s funding resulted in the Bureau announcing the new effective dates for banks to begin collecting their CRA...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

Goodwin

The CFPB Faces Challenges to the Small Business Lending Rule in Texas and Kentucky

Goodwin on

On March 30, 2023, the Consumer Financial Protection Bureau (CFPB) issued the small business lending rule (Final Rule) which implements the small business lending data collection requirements set for in Section 1071 of the...more

King & Spalding

CFPB's New Small Business Data Collection Rule

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A recent rule (12 CFR Part 1002, the “Rule”) issued in final form by the Consumer Financial Protection Bureau (the “CFPB”) earlier this year imposes a host of data collection and reporting obligations on lenders to small...more

Venable LLP

Small Business Lenders Data Reporting Obligations Under Section 1071

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The Consumer Financial Protection Bureau ("CFPB" or "Bureau") recently published a Small Entity Compliance Guide (the "Guide") regarding Section 1071 of the Dodd-Frank Act, which amended ECOA to require that financial...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

Goodwin

SEC Proposes Changes to Private Fund Regulation

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In This Issue. The U.S. Securities and Exchange Commission (SEC) proposed changes to private fund regulation; the Office of the Comptroller of the Currency (OCC) succeeded in validating its “valid-when-made” rulemaking; the...more

Goodwin

Financial Services Weekly News: Regulators Propose Easing Volcker Rule Restrictions

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In This Issue. Federal financial regulators brought January to an impactful conclusion last week. On the morning of January 30, five federal financial regulators issued a proposed rule that would fundamentally modify the...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...

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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

CFPB explores HMDA changes

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The CFPB announced it will begin the rulemaking process for changes to the reporting requirements under the Home Mortgage Disclosure Act (HMDA). As an initial step, the CFPB will convene a Small Business Review Panel to seek...more

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