On August 23, 2021, the CFPB filed its sixth status report in the lawsuit alleging wrongful delay by the CFPB in adopting regulations to implement Section 1071 of the Dodd-Frank Act.
Section 1071 of the Dodd-Frank Act amended the Equal Credit Opportunity Act to require financial institutions to collect and report certain data in connection with credit applications made by women- or minority-owned businesses and small businesses. Such data includes the race, sex, and ethnicity of the principal owners of the business.
The parties to the lawsuit entered into a stipulation obligating the CFPB to issue a Notice of Proposed Rulemaking for the Section 1071 regulations by September 30, 2021. The Bureau’s most recent status report states that it expects to meet this deadline.
