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
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.