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Financial Institutions Equal Credit Opportunity Act Section 1071

Ballard Spahr LLP

Texas Judge Rules CFPB Did Not Exceed Authority in Issuing Small Business Reporting Rule

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In a tentative win for the CFPB, a federal judge in Texas ruled on August 26, 2024, that the agency did not exceed its authority when it issued its final Section 1071 small business lending rule. The court also rejected...more

Troutman Pepper

Sales-Based Financing Trade Group Files Suit Challenging CFPB’s Section 1071 Rule

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Late last month, the Revenue Based Finance Coalition (RBFC), a trade group of sales-based financing providers, filed a complaint in the U.S. District Court for the Southern District of Florida challenging the Consumer...more

Ballard Spahr LLP

U.S. Senate Fails to Override Veto of Legislation Rejecting CFPB Section 1071 Small Business Lending Rule

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As previously reported, in late December 2023 President Biden vetoed legislation adopted by the U.S. House of Representatives and U.S. Senate under the Congressional Review Act to override the CFPB’s final Section 1071 small...more

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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

Troutman Pepper

Texas Federal Court Enjoins CFPB’s Enforcement of its Section 1071 Rule Against Plaintiffs and Their Members Pending U.S. Supreme...

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As discussed here, on April 26, the Texas Bankers Association, the American Bankers Association (ABA), and Rio Bank, McAllen, Texas (Rio Bank) filed a complaint in the U.S. District Court for the Southern District of Texas...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

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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

Husch Blackwell LLP

CFPB Releases the Dodd-Frank 1071 Small Entity Compliance Guide

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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...more

Troutman Pepper

Texas Bankers Challenge CFPB’s Section 1071 Rule

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On April 26, the Texas Bankers Association and Rio Bank, McAllen, Texas filed a complaint in the U.S. District Court for the Southern District of Texas challenging the Consumer Financial Protection Bureau’s (CFPB or Bureau)...more

Ballard Spahr LLP

CFPB agrees to March 31, 2023 deadline for Section 1071 final rule

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The CFPB has agreed to a March 31, 2023 deadline for issuing a final rule implementing the small business data requirements of Section 1071 of the Dodd-Frank Act. Section 1071 amended the ECOA, subject to rules adopted by the...more

Ballard Spahr LLP

CFPB Files Another Status Report in Section 1071 Rulemaking Lawsuit; Republican Lawmakers Send Letter to Director Chopra on...

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On February 22, 2022, the CFPB filed its eighth status report with the California federal district court hearing the lawsuit brought by the California Reinvestment Coalition, National Association for Latino Community Asset...more

Ballard Spahr LLP

CFPB files another status report in Section 1071 rulemaking lawsuit; Republican lawmakkers send letter to Director Chopra on...

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On February 22, 2022, the CFPB filed its eighth status report with the California federal district court hearing the lawsuit brought by the California Reinvestment Coalition, National Association for Latino Community Asset...more

Ballard Spahr LLP

CFPB issues Section 1071 proposed rule on small business lending data collection

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The CFPB has issued a notice of proposed rulemaking (NPRM) to implement Section 1071 of the Dodd-Frank Act. Section 1071 amended the ECOA to require financial institutions to collect and report certain data in connection...more

Manatt, Phelps & Phillips, LLP

CFPB Rulemaking Will Require Reporting On Lending To Women- And Minority-Owned And Small Businesses

The Consumer Financial Protection Bureau is finally moving forward with rulemaking under Section 1071 of the Dodd-Frank Act, which will require “financial institutions” to collect, maintain and report to the CFPB data on...more

Ballard Spahr LLP

CFPB files another status report in Section 1071 rulemaking lawsuit

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The CFPB has filed its fifth status report with the California federal district court as required by the Stipulated Settlement Agreement (Agreement) in the lawsuit filed against the Bureau in May 2019 alleging wrongful delay...more

Ballard Spahr LLP

CFPB files another status report in Section 1071 lawsuit

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The CFPB has filed its fourth status report with the California federal district court as required by the Stipulated Settlement Agreement in the lawsuit filed against the Bureau in May 2019 alleging wrongful delay in adopting...more

Bradley Arant Boult Cummings LLP

Acting CFPB Director Uejio Reiterates Commitment to Issuing Regulations Enacting Dodd-Frank 1071

On February 4, 2021, acting CFPB Director Dave Uejio published a blog post sharing statements recently made to the staff of the CFPB’s Division of Research, Markets, and Regulations (RMR). In his post, Uejio stressed two...more

Ballard Spahr LLP

CFPB issues report of Section 1071 small business review panel

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The CFPB took another significant step towards issuing regulations to implement Section 1071 of the Dodd-Frank Act by releasing the final report of the small business review panel (Panel) on the proposals the Bureau is...more

Ballard Spahr LLP

CFPB releases Section 1071 SBREFA outline

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The CFPB has taken a significant step towards issuing regulations to implement Section 1071 of the Dodd-Frank Act by releasing an outline of the proposals it is considering in preparation for convening a small business...more

Troutman Pepper

CFPB Releases (Finally) Its Small Business Lending Data Collection Rulemaking Proposal

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On September 15, 2020, after considerable delay and pursuant to a court settlement, the Consumer Financial Protection Bureau (CFPB) released its Outline of Proposals Under Consideration and Alternatives Considered for small...more

Morgan Lewis - All Things FinReg

CFPB Outlines Small Business Lending Data Collection Rule Proposals

Section 1071 of the Dodd-Frank Act amended the Equal Credit Opportunity Act (ECOA) to require financial institutions to compile, maintain, and submit to the Consumer Financial Protection Bureau (CFPB or Bureau) certain data...more

Hudson Cook, LLP

CFPB Survey Seeks Information on Costs of Small Business Finance Data Collection

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The Consumer Financial Protection Bureau (CFPB) is asking providers of small business finance to take a survey on potential up-front costs associated with complying with Section 1071 of the Dodd-Frank Wall Street Reform and...more

Ballard Spahr LLP

CFPB files second status report with court regarding Section 1071 implementation

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The CFPB has filed its second status report with the California federal district court as required by the Stipulated Settlement Agreement in the lawsuit filed against the Bureau in May 2019 alleging wrongful delay in adopting...more

Ballard Spahr LLP

CFPB files status report with court regarding Section 1071 implementation

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The CFPB has filed its first status report with the California federal district court as required by the Stipulated Settlement Agreement in the lawsuit filed against the Bureau in May 2019 alleging wrongful delay in adopting...more

Manatt, Phelps & Phillips, LLP

Fair Lending: CFPB Agrees to Restart Women- and Minority-Owned Business Data Collection

In a settlement with a consumer advocacy group on a significant fair lending issue, the Consumer Financial Protection Bureau (CFPB) has agreed to restart long-stalled efforts to gather statutorily mandated data on lending to...more

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