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Complete the CFPB survey by Oct. 16 to help measure compliance costs

Posted: Oct 14, 2020 | Author: Cornerstone League
business lending  CFPB  compliance  Dodd-Frank Act  lending 

The Consumer Financial Protection Bureau (CFPB) recently released its Outline of Proposals Under Consideration for its small business data collection rulemaking pursuant to Section 1071 of the Dodd-Frank Act. Section 1071 requires financial institutions to compile, maintain, and report to the bureau certain information about applications for credit made by women-owned, minority-owned, and small businesses.

Section 1071: A snapshot

  • Section 1071 requires financial institutions to collect credit application data for women-owned, minority-owned, and small businesses.
  • The data is reported to the CFPB on an annual basis.
  • The Outline of Proposals Under Consideration also includes:
    • Relevant law
    • Regulatory process
    • An economic analysis of the potential impacts of the proposals on directly affected small entities

As part of the rulemaking process, the CFPB is asking financial institutions to complete a survey on the one-time costs of compliance associated with a 1071 rule. Credit unions are strongly encouraged to fill out the CFPB’s survey so the agency can better understand the potential compliance costs associated with additional reporting requirements. The information collected will help inform the CFPB ahead of its Small Business Advocacy Review panel later this month and its rulemaking to implement Section 1071. Find the survey—open only until tomorrow—on the CFPB’s website

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