News & Analysis as of

Minority-Owned Businesses Financial Services Industry

Spilman Thomas & Battle, PLLC

Q&A with the Carolina Small Business Development Fund

We are fortunate to have connected with Kevin Dick, the President & CEO, and Emily Blevins, Marketing & Communications Director, of the Carolina Small Business Development Fund, at the recent Annual Meeting of the United...more

Ballard Spahr LLP

Texas banking trade group and Texas bank file lawsuit challenging validity of CFPB Section 1071 final rule on small business data...

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While it has only been a month since the CFPB issued its final rule to implement Section 1071 of the Dodd-Frank Act, the CFPB is already facing a lawsuit challenging the rule’s validity. The lawsuit was filed last week in a...more

Venable LLP

CFPB Rule and Enforcement Guidance on Small Business Lending Data Collection

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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

Manatt, Phelps & Phillips, LLP

CFPB Issues Final Rule on Small Business Data Collection

On March 30, the Consumer Financial Protection Bureau (CFPB) issued its long-awaited final rule to implement Section 1071 of the Dodd-Frank Act. Section 1071 amended the Equal Credit Opportunity Act to require lenders to...more

Ballard Spahr LLP

CFPB final Section 1071 rule on small business data collection includes important changes from proposal

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On March 30, the Consumer Financial Protection Bureau issued its final rule to implement Section 1071 of the Dodd-Frank Act. Section 1071 amended the Equal Credit Opportunity Act to require financial institutions to collect...more

Orrick, Herrington & Sutcliffe LLP

NYDFS implements state CRA revisions

On February 8, NYDFS announced the adoption of updates to the state’s Community Reinvestment Act (CRA) regulation. The final regulation implements amendments to Banking Law § 28-b, and allows the Department to obtain...more

Ballard Spahr LLP

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

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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

Clark Hill PLC

Can the Cannabis Industry CLIMB to Increased Institutional Investment and Capital Markets Listings?

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This morning, Representative Troy A. Carter, Sr. (D-LA) and Representative Guy Reschenthaler (R-PA) introduced a bipartisan bill called The Capital Lending and Investment for Marijuana Businesses (CLIMB) Act which, if passed...more

Ballard Spahr LLP

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

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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

Miles & Stockbridge P.C.

Comments Are In: CFPB Proposed Rule for Small Business Lending Data Collection Under the Equal Credit Opportunity Act

As we reported last year, the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), among other things, required the Consumer Financial Protection Bureau (CFPB) to adopt regulations governing the...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

Morrison & Foerster LLP

CFPB Issues Small Business Data Collection Proposed Rule

On September 1, 2021, the Consumer Financial Protection Bureau (CFPB or “Bureau”) issued its long-awaited small business lending data collection proposed rule (“Proposed Rule” or “Proposal”). The Proposed Rule would implement...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

Morrison & Foerster LLP

Financial Services Report - Spring 2021

Can you say 0 to 60? Not cars, but pretty much everything to do with financial services. A new year, a new administration, and new challenges for providers. Prior CFPB Director Kraninger is long gone. Acting Director Uejio...more

Ballard Spahr LLP

CFPB issues report of Section 1071 small business review panel

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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

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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

Troutman Pepper

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

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

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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

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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

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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

House Financial Services Subcommittee on Consumer Protection and Financial Institutions to hold Nov. 20 hearing on minority...

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The Subcommittee on Consumer Protection and Financial Institutions of the House Financial Services Committee has scheduled a hearing entitled “An Examination of Regulators’ Efforts to Preserve and Promote Minority Depository...more

ArentFox Schiff

Ain’t No Party Like an Anti-Discriminatory-Rule-Writing Party

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The financial services industry had been waiting with bated breath to see how the Consumer Financial Protection Bureau (Bureau) would resume efforts to prescribe rules and give guidance to implement the far-reaching Section...more

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