Webb13 apr. 2024 · On March 30, after years of rulemaking efforts, the Consumer Financial Protection Bureau (CFPB) issued a final rule implementing Section 1071 of the Dodd-Frank Act. Small business lenders, if they haven’t already, must put in place rigorous data collection techniques, implement security firewalls, and update employee training by … WebbAs we previously reported, a court settlement last year mandated a timeline for the CFPB to take certain steps to initiate a Section 1071 small business lending data collection rulemaking. Among other steps, the settlement required the CFPB to convene a Small Business Advocacy Review panel (“Panel”) by October 15, 2024.
CFPB Finalizes Small Business Lending Data Collection Rule
Webbför 2 dagar sedan · The dates by which financial institutions will have to comply with the Section 1071 Rule are tiered based on small business loan volume as of 2024 and 2024, … Webbför 2 dagar sedan · For purposes of the rule, a small business is one with no more than $5 million of gross revenues in its most recent fiscal year. The Section 1071 Rule amends Regulation B 1 to implement changes to the Equal Credit Opportunity Act (ECOA) 2 made by Section 1071. What Types of Lenders and Transactions Are Subject to the Rule? … grammar swedish
CFPB Issues Tools to Help Small Businesses Navigate Section 1071 …
Webb11 apr. 2024 · As discussed here, on March 30, the Consumer Financial Protection Bureau (CFPB) issued its final rule under Section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Final Rule).Section 1071 amended the Equal Credit Opportunity Act (ECOA) to impose significant data collection and reporting requirements on small … Webb3 sep. 2024 · On September 1, the CFPB released a notice of proposed rulemaking (NPRM) and request for public comment on a proposed rule to implement Section 1071 of the Dodd-Frank Act, which requires the agency to collect and disclose data on lending to women and minority-owned small businesses. Webb12 okt. 2024 · In the NPRM, the CFPB recognizes the ongoing transformation of the small business lending landscape, including the increasing role that fintech companies, among others, are playing in providing financing to small businesses. If finalized, the proposed rule would amend Regulation B to implement Section 1071's requirements. grammar swim school toowoomba