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Dodd-Frank Wall Street Reform and Consumer Protection Act › Consumer Financial Protection Bureau (CFPB) › Small Business Loans

The Dodd-Frank Wall Street Reform and Consumer Protection Act is a United States federal statute signed into law on July 21, 2010. The Act was passed in response to the Great Recession of the late 2000s and... more +
The Dodd-Frank Wall Street Reform and Consumer Protection Act is a United States federal statute signed into law on July 21, 2010. The Act was passed in response to the Great Recession of the late 2000s and includes broad reforms related to many aspects of the financial and banking industry. Notable sections of the Act include stricter regulations of the derivatives market, as well as the Volcker Rule, which restricts the trading practices of FDIC-insured institutions.    less -
Ballard Spahr LLP

Federal District Court on September 23, 2024, entered final judgement in favor of the CFPB in lawsuit challenging its small...

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Judge Randy Crane (E.D. Tex) ruled on August 26, 2024 that the CFPB did not exceed its authority under Dodd Frank when it issued its final Section 1071 small business lending rule. The court also rejected other Administrative...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

Sheppard Mullin Richter & Hampton LLP

Federal Court Upholds CFPB’s Small Business Lending Rule

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On August 26, the United States District Court for the Southern District of Texas issued a decision upholding the legality of the CFPB Small Business Lending Rule (the “Rule”) (designed to implement section 1071 of the...more

Ballard Spahr LLP

SCOTUS CFSA decision to have broad impact

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The U.S. Supreme Court’s ruling last week in CFSA v. CFPB that the CFPB’s funding mechanism does not violate the Appropriations Clause of the U.S. Constitution removes what many observers consider to be the last remaining...more

Stinson LLP

CFPB Hits Back on Trade Groups Challenge to Small Business Lending Rule (Section 1071)

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On April 12, 2024, the Consumer Financial Protection Bureau (CFPB) and its director Rohit Chopra asked U.S. District Judge Randy Crane to grant summary judgment and dispense with an industry-backed challenge to the...more

Ballard Spahr LLP

Trade group for providers of commercial sales-based financing files lawsuit challenging CFPB final small business lending rule

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Revenue Based Finance Coalition (RBFC), a trade group whose members include non-banks that provide sales-based financing to businesses, filed a lawsuit last week against the CFPB in a Florida federal district court...more

Ballard Spahr LLP

Texas federal district court issues preliminary injunction enjoining CFPB from implementing and enforcing small business lending...

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The Texas federal district court hearing the lawsuit challenging the validity of the CFPB’s final rule implementing Section 1071 of the Dodd-Frank Act (Rule) has issued an order that preliminarily enjoins the CFPB from...more

Troutman Pepper

Small Business Lenders Score Big Relief: Texas Federal District Court Grants Nationwide Injunction Against CFPB’s Implementation...

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In a major victory for small business lenders, yesterday the U.S. District Court for the Southern District of Texas granted motions filed by three groups of trade association intervenors to extend the court’s existing...more

Nutter McClennen & Fish LLP

Nutter Bank Report: August 2023

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A federal court has issued an order granting an injunction that delays the compliance dates for the CFPB’s final rule governing the collection of small business lending data required by Section 1071 of the Dodd-Frank Wall...more

Katten Muchin Rosenman LLP

Federal Court Grants Bankers' Requested Stay from Compliance with the CFPB's Small Business Data Collection Rule

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On July 31, the US District Court for the Southern District of Texas issued an order granting in part and denying in part the motion for preliminary injunction filed by the Texas Bankers Association, Rio Bank (a Texas...more

Ballard Spahr LLP

Why the Texas federal court should have gone further in preliminarily enjoining the CFPB from implementing and enforcing its small...

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On Monday, the Texas federal district court hearing the lawsuit challenging the validity of the CFPB’s final rule implementing Section 1071 of the Dodd-Frank Act (Rule) issued an order that preliminarily enjoins the CFPB from...more

Ballard Spahr LLP

Texas federal district court issues limited preliminary injunction enjoining CFPB from implementing and enforcing small business...

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The Texas federal district court hearing the lawsuit challenging the validity of the CFPB’s final rule implementing Section 1071 of the Dodd-Frank Act (Rule) has issued an order that preliminarily enjoins the CFPB from...more

Troutman Pepper

Section 1071 Final Rule: Anti-Discouragement Provisions

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As recently discussed on our podcast here, section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act) amended the Equal Credit Opportunity Act (ECOA) to require lenders to collect...more

Buchalter

CFPB Issues Spring 2023 Agency Rule List

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As a part of Federal agencies’ issuance of their semi-annual Spring 2023 Regulatory Agenda, the CFPB has published its Spring 2023 Agency Rule List (“2023 List”). In that List, the CFPB has set forth the status of its...more

Troutman Pepper

Section 1071 Final Rule: Data Collection and Reporting

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As recently discussed on our podcast, section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act) amended the Equal Credit Opportunity Act (ECOA) to require lenders to collect...more

Orrick, Herrington & Sutcliffe LLP

CFPB issues small business lending compliance guide

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The CFPB recently issued a compliance guide for its final rule implementing Section 1071 of the Dodd-Frank Act. Consistent with Section 1071, the final rule (issued at the end of March) will require financial institutions to...more

Moore & Van Allen PLLC

LEGAL ALERT Re: Consumer Financial Protection Bureau’s Small Business Lending Data Collection under the Equal Credit Opportunity...

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The Consumer Financial Protection Bureau (the “CFPB”) has published a final rule implementing the requirements of Section 1071 of the Dodd-Frank Act (the “Final Rule”), which mandated data collection on certain credit...more

Pillsbury Winthrop Shaw Pittman LLP

CFPB Finalizes Small Business Lending Data Rule

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A far-reaching new federal regulation will for the first time require small business lenders to collect detailed data about applications and originations, and report that data to the Consumer Financial Protection Bureau...more

Orrick, Herrington & Sutcliffe LLP

CFPB Finalizes Small Business Lending Data Collection Rule

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On March 30, 2023, the Consumer Financial Protection Bureau (CFPB) released its final rule implementing Section 1071 of the Dodd-Frank Act, which will require financial institutions to collect and provide to the bureau data...more

Goodwin

CFPB Finalizes Small Business Lending Data Rule

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On March 30, 2023, the Consumer Financial Protection Bureau (CFPB) released its small business lending data collection and reporting rule, required by Section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection...more

Morgan Lewis - All Things FinReg

CFPB Releases Final Small Business Lending Rule

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The Consumer Financial Protection Bureau (CFPB, the Bureau) promulgated on March 30 its final rule implementing Section 1071 of the Dodd-Frank Act. The rule requires that covered financial institutions collect and report to...more

Womble Bond Dickinson

Consumer Financial Protection Bureau Finalizes Rule for Small Business Data Collection and Expands List to Exempt Lending Products...

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The Consumer Financial Protection Bureau (CFPB) issued its final rule on March 30, 2023, under Section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Section 1071 is an amendment to the Equal Credit...more

Buchalter

CFPB Proposed Regulatory Activity Agenda Released, Focuses on Limitations on Bank and Credit Card Fees, Small Business Lending...

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The Office of Information and Regulatory Affairs in the Office of Management and Budget has released the Fall 2022 Unified Agenda of Regulatory and Deregulatory Actions (Agenda) reports on the actions administrative agencies...more

Pillsbury Winthrop Shaw Pittman LLP

New York Department of Financial Services Rule Will Require Banks to Collect Demographic Data with Commercial Credit Applications

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Lenders will soon be required to collect detailed demographic and financial data on commercial credit applicants and report this data to regulators. The NYDFS issued a proposed rule that will require New York banks to...more

Pillsbury Winthrop Shaw Pittman LLP

Senate Confirms Rohit Chopra as CFPB Director

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As CFPB Director, Rohit Chopra will vigorously apply the CFPB’s authority to promulgate rules, conduct examinations, and bring enforcement actions. CFPB Acting Director Uejio has laid the groundwork for Director Chopra to...more

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