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Regulatory Agenda Dodd-Frank Wall Street Reform and Consumer Protection Act Section 1071

Troutman Pepper Locke

Troutman Pepper Locke Weekly Consumer Financial Services Newsletter – February 2025 # 3

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To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week....more

Sheppard Mullin Richter & Hampton LLP

CFPB Signals Shift in Position on Section 1071 Compliance Pause

This week, the CFPB filed an emergency notice in the Fifth Circuit Court of Appeals, indicating that it no longer opposes a pause in compliance with its Section 1071 small business data-collection rule. This marks a...more

Ballard Spahr LLP

Republicans renew efforts to repeal Section 1071

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Republicans on Capitol Hill are seeking to repeal a section of the Dodd-Frank Act that requires financial institutions to report information contained in loan applications submitted by women-owned, minority-owned and...more

Ballard Spahr LLP

Plaintiffs free to appeal CFPB 1071 Rule after some plaintiffs drop their CFPB unlawful funding claim

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On August 26, 2024, Chief Judge Randy Crane in the E.D. Texas granted summary judgment to the CFPB, denied summary judgment to the trade groups and upheld the CFPB’s 1071 Rule (small business loan data collection rule)....more

Ballard Spahr LLP

Texas Judge Rules CFPB Did Not Exceed Authority in Issuing Small Business Reporting Rule

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In a tentative win for the CFPB, a federal judge in Texas ruled on August 26, 2024, that the agency did not exceed its authority when it issued its final Section 1071 small business lending rule. The court also rejected...more

Ballard Spahr LLP

Director Chopra issues statement on FDIC/OCC/FHA proposal on incentive-based compensation arrangements

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CFPB Director Rohit Chopra has released a statement about the proposal issued by the Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency, and Federal Housing Finance Agency to address...more

Troutman Pepper Locke

Sales-Based Financing Trade Group Files Suit Challenging CFPB’s Section 1071 Rule

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Late last month, the Revenue Based Finance Coalition (RBFC), a trade group of sales-based financing providers, filed a complaint in the U.S. District Court for the Southern District of Florida challenging the Consumer...more

Troutman Pepper Locke

Update: Congress Passes Resolutions to Override CFPB’s Section 1071 Final Rule, Biden Vows to Veto

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As discussed here, this summer, Representative Roger Williams (R-Texas) and Senator John Kennedy (R-La.) introduced identical Congressional Review Act (CRA) resolutions in the U.S. House and Senate (H.J. Res. 66 and S. J....more

Troutman Pepper Locke

Congressional Republicans Receive Banking and Credit Union Trade Association Support for Legislation to Overturn the CFPB’s...

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This summer, Representative Roger Williams (R-Texas) and Senator John Kennedy (R-La.) introduced identical Congressional Review Act (CRA) resolutions in the U.S. House and Senate (H.J. Res. 66 and S. J. Res. 32, respectively)...more

Orrick, Herrington & Sutcliffe LLP

CFPB releases regulatory agenda

Recently, the Office of Information and Regulatory Affairs released the CFPB’s fall 2022 regulatory agenda. Key rulemaking initiatives that the agency expects to initiate or continue include...more

Hudson Cook, LLP

CFPB Announces Implementation Timeline for Dodd-Frank Section 1071 Reporting Rule, Days after Hosting Small Business Lending...

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Just days after hosting a November 6, 2019 symposium on Section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act ("Dodd-Frank"), the Consumer Financial Protection Bureau revealed in a brief filed in the...more

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