Loans, Section 1071, Financial Services Industry

Community Groups File Lawsuit Seeking to Force CFPB to Implement the Section 1071 Rule

Ballard Spahr LLP on 7/28/2025

The saga of the CFPB’s section 1071 small business data collection and reporting rule continues. Rise Economy, fka California Reinvestment Coalition (Rise), the National Reinvestment Coalition (NCRC), the Main Street Alliance...more

Republicans renew efforts to repeal Section 1071

Ballard Spahr LLP on 2/6/2025

Republicans on Capitol Hill are seeking to repeal a section of the Dodd-Frank Act that requires financial institutions to report information contained in loan applications submitted by women-owned, minority-owned and...more

Section 1071 Rule: The Big Gap Between Small Business Lending and “Covered” Loans

GeoDataVision on 9/6/2024

I’ve written articles critical of the Section 1071 Rule and the CFPB’s implementation of the new rule. For example, the scheduled “applicable dates” for data recording and reporting make no sense at all. As currently...more

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

GeoDataVision on 5/31/2024

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

CFPB's small biz loan data rule stifled for many banks

Orrick, Herrington & Sutcliffe LLP on 8/7/2023

On July 31, the U.S. District Court for the Southern District of Texas entered an order granting in part and denying in part a motion for a preliminary injunction against the CFPB. The injunction, filed by a bank and two...more

Texas Bankers Challenge CFPB’s Section 1071 Rule

Troutman Pepper Locke on 4/27/2023

On April 26, the Texas Bankers Association and Rio Bank, McAllen, Texas filed a complaint in the U.S. District Court for the Southern District of Texas challenging the Consumer Financial Protection Bureau’s (CFPB or Bureau)...more