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Lenders Reporting Requirements Financial Institutions

Ballard Spahr LLP

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

Ballard Spahr LLP on

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

Husch Blackwell LLP

CFPB Floats Rescission of NBR Rule

Husch Blackwell LLP on

The Consumer Financial Protection Bureau (CFPB) continues to redefine its priorities, and among the many policies targeted for change, the “Registry of Nonbank Covered Persons Subject to Certain Agency and Court Orders”...more

Offit Kurman

SBA Franchise Directory Reinstated: Key 2025 Updates for Franchisors and Franchisees

Offit Kurman on

The U.S. Small Business Administration reinstated the Small Business Administration (SBA) Franchise Directory on June 1, 2025, reversing the 2023 decision to sunset the program. The Directory has long been the primary...more

Sheppard Mullin Richter & Hampton LLP

CFPB Seeks to Reopen Small Business Lending Rule Under Section 1071

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

Miles & Stockbridge P.C.

What You Need to Know About Freddie Mac’s Recent Update

Freddie Mac published last Thursday an update to the Freddie Mac Guide, which included a discussion of various underwriting, fraud detection and loan document changes. Here's what you need to know...more

Stinson LLP

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

Stinson LLP on

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

Sheppard Mullin Richter & Hampton LLP

CFPB Extends Compliance Deadline for Section 1071 Rule

On June 25, the CFPB released a formal action to extend the compliance deadlines for its Section 1071 small business lending rule (previously discussed here, here, and here). Once issued, the rule was challenged in the United...more

GeoDataVision

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

GeoDataVision on

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

Ballard Spahr LLP on

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

King & Spalding

CFPB's New Small Business Data Collection Rule

King & Spalding on

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

Venable LLP on

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

Buchalter

CFPB’s Small Business Lending Data Collection Rule Increases Operational Burdens and Regulatory Risk for Lending to Small...

Buchalter on

On March 30, 2023, the Consumer Financial Protection Bureau (CFPB) issued the long-awaited final version of its rules on Small Business Lending under the Equal Credit Opportunity Act. The new rule imposes significant burdens...more

Goodwin

SEC Proposes Short Sale Disclosure Rule and Reopens Comment Period for Reporting on Securities Loans

Goodwin on

In This Issue. The U.S. Securities and Exchange Commission (SEC) proposed a new rule to increase market transparency regarding short selling and extended the comment period for its proposed rule requiring reporting on...more

Goodwin

FinCEN Proposes Rule for SARs Sharing Pilot Program

Goodwin on

In This Issue. The Financial Crimes Enforcement Network (FinCEN) issued a proposed rule about the establishment of a limited-duration pilot program for sharing suspicious activity reports (SARs); FinCEN published the final...more

Davis Wright Tremaine LLP

CFPB's Small Business Lending Data Collection Rulemaking

Last month, the Consumer Financial Protection Bureau (CFPB) issued a long-anticipated proposed rule (published in the Federal Register on October 8, 2021) requiring regulated financial institutions to collect and report small...more

Goodwin

SEC Issues No-Action Relief On Registered Funds’ Custody Of Loan Interests

Goodwin on

In this Issue. The U.S. Securities and Exchange Commission (SEC) was very active this week, having (i) issued no-action relief allowing registered funds to engage in self-custody of interests in loans that are originated,...more

Goodwin

SEC Finalizes Reforms Under Investment Advisers Act

Goodwin on

In this Issue. The Securities and Exchange Commission (SEC) finalized reforms under the Investment Advisers Act to modernize rules that govern investment adviser advertisements and payments to solicitors, and published a risk...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

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