Legal Update Cfpb Releases The Dodd Frank 1071 Small Entity Main small business lending rule provisions and official interpretations can be found in: § 1002.102, definitions. § 1002.103 .106, coverage. § 1002.107, data points collected. § 1002.108, firewall. § 1002.109, reporting requirements. supplement i to part 1002 (including official interpretations for the above provisions). Cfpb held a symposium focused on section 1071 of the dodd frank act. jan. 23, 2020. cfpb released a report on small business lending and the great recession. july 22, 2020. cfpb released a voluntary survey to measure the one time costs of compliance with an eventual small business lending data collection rule. sept. 15, 2020.
Section 1071 Of Dodd Frank Additionally, the cfpb has issued informal guidance, and will issue an interim final rule, regarding the extension of the 1071 small business lending rule compliance dates. based on the 290 day period that elapsed between the initial preliminary injunction issued in the rio bank lawsuit in texas to the may 16, 2024 ruling of the supreme court. In 2010, congress enacted the dodd frank wall street reform and consumer protection act, pub. l. 111 203, 124 stat. 1376, 2004 (2010) (dodd frank act). section 1071 of the dodd frank act (section 1071) amended the equal credit opportunity act (ecoa) to require that financial. Executive summary of the small business lending rule1. on march 30, 2023, the consumer financial protection bureau (cfpb) issued the small business lending rule (final rule), which implements the small business lending data collection requirements set forth in section 1071 of the dodd frank act (section 1071). Legal updates. the consumer financial protection bureau (cfpb) recently introduced the dodd frank 1071 small entity compliance guide, an important resource for financial institutions navigating the mandates of section 1071 of the dodd frank wall street reform and consumer protection act. this provision amended the equal credit opportunity act.
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