News & Analysis as of

Minority-Owned Businesses Equal Credit Opportunity Act Financial Institutions

Venable LLP

CFPB Rule and Enforcement Guidance on Small Business Lending Data Collection

Venable LLP on

The Consumer Financial Protection Bureau (CFPB) finalized a new Rule aimed at improving the transparency of and access to credit for small businesses on March 30, 2023. The Rule requires financial institutions to report data...more

Moore & Van Allen PLLC

LEGAL ALERT Re: Consumer Financial Protection Bureau’s Small Business Lending Data Collection under the Equal Credit Opportunity...

Moore & Van Allen PLLC on

The Consumer Financial Protection Bureau (the “CFPB”) has published a final rule implementing the requirements of Section 1071 of the Dodd-Frank Act (the “Final Rule”), which mandated data collection on certain credit...more

Morrison & Foerster LLP

Finally! CFPB Issues Final Small Business Data Collection Rule

On March 30, 2023, the Consumer Financial Protection Bureau (“CFPB” or “Bureau”) issued its long-awaited small business lending data collection final rule (“Final Rule”). The Final Rule implements Section 1071 of the...more

Ballard Spahr LLP

CFPB agrees to March 31, 2023 deadline for Section 1071 final rule

Ballard Spahr LLP on

The CFPB has agreed to a March 31, 2023 deadline for issuing a final rule implementing the small business data requirements of Section 1071 of the Dodd-Frank Act. Section 1071 amended the ECOA, subject to rules adopted by the...more

Ballard Spahr LLP

CFPB Files Another Status Report in Section 1071 Rulemaking Lawsuit; Republican Lawmakers Send Letter to Director Chopra on...

Ballard Spahr LLP on

On February 22, 2022, the CFPB filed its eighth status report with the California federal district court hearing the lawsuit brought by the California Reinvestment Coalition, National Association for Latino Community Asset...more

Eversheds Sutherland (US) LLP

CFPB Gears Up to Advance Financial Inclusion Agenda with Proposed Rule Requiring Annual Reports on Small Business Credit...

On September 1, 2021, the CFPB issued a proposed rule that would add a new subpart to Regulation B, which implements the federal Equal Credit Opportunity Act (ECOA). The rule would implement Section 1071 of the Dodd-Frank Act...more

Manatt, Phelps & Phillips, LLP

CFPB Rulemaking Will Require Reporting On Lending To Women- And Minority-Owned And Small Businesses

The Consumer Financial Protection Bureau is finally moving forward with rulemaking under Section 1071 of the Dodd-Frank Act, which will require “financial institutions” to collect, maintain and report to the CFPB data on...more

Ballard Spahr LLP

CFPB issues report of Section 1071 small business review panel

Ballard Spahr LLP on

The CFPB took another significant step towards issuing regulations to implement Section 1071 of the Dodd-Frank Act by releasing the final report of the small business review panel (Panel) on the proposals the Bureau is...more

Ballard Spahr LLP

CFPB releases Section 1071 SBREFA outline

Ballard Spahr LLP on

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

Troutman Pepper

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

Troutman Pepper on

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

Morgan Lewis - All Things FinReg

CFPB Outlines Small Business Lending Data Collection Rule Proposals

Section 1071 of the Dodd-Frank Act amended the Equal Credit Opportunity Act (ECOA) to require financial institutions to compile, maintain, and submit to the Consumer Financial Protection Bureau (CFPB or Bureau) certain data...more

Ballard Spahr LLP

CFPB files second status report with court regarding Section 1071 implementation

Ballard Spahr LLP on

The CFPB has filed its second status report with the California federal district court as required by the Stipulated Settlement Agreement in the lawsuit filed against the Bureau in May 2019 alleging wrongful delay in adopting...more

Ballard Spahr LLP

CFPB files status report with court regarding Section 1071 implementation

Ballard Spahr LLP on

The CFPB has filed its first status report with the California federal district court as required by the Stipulated Settlement Agreement in the lawsuit filed against the Bureau in May 2019 alleging wrongful delay in adopting...more

Manatt, Phelps & Phillips, LLP

Fair Lending: CFPB Agrees to Restart Women- and Minority-Owned Business Data Collection

In a settlement with a consumer advocacy group on a significant fair lending issue, the Consumer Financial Protection Bureau (CFPB) has agreed to restart long-stalled efforts to gather statutorily mandated data on lending to...more

Ballard Spahr LLP

CFPB and plaintiffs enter into settlement of lawsuit alleging wrongful delay in Section 1071 implementation

Ballard Spahr LLP on

The CFPB has entered into a settlement to resolve the lawsuit filed against it in May 2019 seeking a declaration that the CFPB’s failure to issue regulations implementing Section 1071 of the Dodd-Frank Act violates the...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

Ballard Spahr LLP

CFPB Fall 2016 rulemaking agenda published

Ballard Spahr LLP on

The CFPB’s Fall 2016 rulemaking agenda has been published as part of the Fall 2016 Unified Agenda of Federal Regulatory and Deregulatory Actions. The preamble indicates that the information in the agenda is current as of...more

Ballard Spahr LLP

CFPB hires Assistant Director for Office of Small Business Lending Markets; announces other senior leadership additions

Ballard Spahr LLP on

Earlier this week, the CFPB announced the addition of several new members to its senior leadership team. The announcement included the news that the CFPB has filled the position of Assistant Director for the Office of...more

Ballard Spahr LLP

84 House members urge expedited CFPB action on small business lending data collection rules

Ballard Spahr LLP on

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

19 Results
 / 
View per page
Page: of 1

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
- hide
- hide