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On August 27, the CFPB launched a beta platform for the small business lending data collection rule under Section 1071 of the Dodd-Frank Act. Financial institutions and their technology Participants can upload sample data...more
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
Recently, several House Republicans introduced a joint resolution of disapproval (H.J. Res. 66) under the Congressional Review Act to overturn the CFPB’s small business lending rule. As previously covered by InfoBytes, last...more
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
On March 30, the CFPB released its final rule implementing Section 1071 of the Dodd-Frank Act. Consistent with Section 1071, the final rule will require financial institutions to collect and provide to the Bureau data on...more
In a notice published in today’s Federal Register, the CFPB announced that it has extended the comment period on its small business lending RFI until September 14, 2017....more
Earlier this week, the CFPB announced the addition of several new members to its senior leadership team. The announcement included the news that the CFPB has filled the position of Assistant Director for the Office of...more
Much of Director Cordray’s testimony in his appearance before the Senate Banking Committee yesterday consisted of his predictable defense of various CFPB positions. While the hearing was much less contentious than last...more