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Small Business Rulemaking Process Minority-Owned Businesses

Ballard Spahr LLP

Appeals Court stays small business reporting rule for many financial institutions

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The Fifth Circuit Court of Appeals has issued a stay that blocks for many financial institutions the implementation of a CFPB rule that requires the institutions to report information contained in loan applications submitted...more

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CFPB releases Section 1071 SBREFA outline

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The CFPB has taken a significant step towards issuing regulations to implement Section 1071 of the Dodd-Frank Act by releasing an outline of the proposals it is considering in preparation for convening a small business...more

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CFPB Releases (Finally) Its Small Business Lending Data Collection Rulemaking Proposal

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On September 15, 2020, after considerable delay and pursuant to a court settlement, the Consumer Financial Protection Bureau (CFPB) released its Outline of Proposals Under Consideration and Alternatives Considered for small...more

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CFPB to hold Nov. 6 symposium on Dodd-Frank Section 1071

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The CFPB announced today that it will hold a symposium on Dodd-Frank Act Section 1071 on November 6, 2019.  Section 1071 amended the ECOA to require financial institutions to collect and report certain data in connection with...more

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CA Reinvestment Coalition sues CFPB for delaying Section 1071 implementation

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The California Reinvestment Coalition has filed a lawsuit against the CFPB in a California federal district court seeking a declaration that the CFPB’s failure to issue regulations implementing Section 1071 of the Dodd-Frank...more

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House Financial Services Committee passes Financial Choice Act containing CFPB overhaul, significant changes to rulemaking...

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Last Thursday, by a party-line vote of 34-26, the House Financial Services Committee approved the Financial CHOICE Act (H.R. 10) proposed by Committee Chairman Jeb Hensarling....more

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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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