CFPB expects to issue the Section 1071 Notice of Proposed Rulemaking by September 30, 2021 deadline

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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.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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