CFPB Releases Outline of Proposals Under Consideration to Implement Small Business Lending Data Collection Requirements

A Small Business Advocacy Review panel will meet to consider the proposals in October 2020. Stakeholder feedback is also welcome.

9/15/2020 12:30 PM

CFPBNewsAdvocacy
CFPB Releases Outline of Proposals Under Consideration to Implement Small Business Lending Data Collection Requirements

The Consumer Financial Protection Bureau has released an outline of proposals on small business lending data collection and reporting.

The bureau will convene a Small Business Advocacy Review panel in October 2020 to review the proposals, which include alternatives considered for Section 1071 of the Dodd-Frank Act. The panel will prepare a report that examines the impact of the potential rule on small businesses, according to a news release.

The report, along with feedback received from small businesses, will be considered by the bureau in its rulemaking to implement Section 1071.

Section 1071 requires financial institutions to collect certain data regarding applications for credit for women-owned, minority-owned, and small businesses, and to report that data to the bureau on an annual basis. 

The outline describes proposals that the bureau is considering to implement Section 1071 along with the relevant law, the regulatory process, and an economic analysis of the potential impacts of the proposals on directly affected small entities. 

The bureau, along with the Office of Information and Regulatory Affairs in the Office of Management and Budget and the U.S. Small Business Administration’s Office of Advocacy, are directed by the Small Business Regulatory Enforcement Fairness Act to form a panel. 

The bureau is convening the panel to consult with small entities regarding the potential impact of the proposals under consideration in advance of the bureau issuing a notice of proposed rulemaking.

Other stakeholders are also welcome to provide written feedback on the bureau’s proposals under consideration. Feedback should be emailed to 2020-SBREFA-1071@cfpb.gov no later than Dec. 14, 2020.


Follow ACA International on Twitter @ACAIntl and @acacollector, Facebook and request to join our LinkedIn group for news and event updates. ACA International members are welcome to submit news items for possible publication to comm@acainternational.org. Visit our publications page for news submission guidelines and subscriptions to ACA Daily, Collector magazine and Pulse.

Advertising is available for companies wishing to promote their products or services. Be sure to visit the ACA Events Calendar on the Education and Training page to view our listing of upcoming CORE Curriculum and Hot Topic seminars featuring critical educational opportunities for your company.


Subscribe to ACA Daily NEWSROOM

CFPB Releases Outline of Proposals Under Consideration to Implement Small Business Lending Data Collection Requirements

The Consumer Financial Protection Bureau has released an outline of proposals on small business lending data collection and reporting.

The bureau will convene a Small Business Advocacy Review panel in October 2020 to review the proposals, which include alternatives considered for Section 1071 of the Dodd-Frank Act. The panel will prepare a report that examines the impact of the potential rule on small businesses, according to a news release.

The report, along with feedback received from small businesses, will be considered by the bureau in its rulemaking to implement Section 1071.

Section 1071 requires financial institutions to collect certain data regarding applications for credit for women-owned, minority-owned, and small businesses, and to report that data to the bureau on an annual basis. 

The outline describes proposals that the bureau is considering to implement Section 1071 along with the relevant law, the regulatory process, and an economic analysis of the potential impacts of the proposals on directly affected small entities. 

The bureau, along with the Office of Information and Regulatory Affairs in the Office of Management and Budget and the U.S. Small Business Administration’s Office of Advocacy, are directed by the Small Business Regulatory Enforcement Fairness Act to form a panel. 

The bureau is convening the panel to consult with small entities regarding the potential impact of the proposals under consideration in advance of the bureau issuing a notice of proposed rulemaking.

Other stakeholders are also welcome to provide written feedback on the bureau’s proposals under consideration. Feedback should be emailed to 2020-SBREFA-1071@cfpb.gov no later than Dec. 14, 2020.


Follow ACA International on Twitter @ACAIntl and @acacollector, Facebook and request to join our LinkedIn group for news and event updates. ACA International members are welcome to submit news items for possible publication to comm@acainternational.org. Visit our publications page for news submission guidelines and subscriptions to ACA Daily, Collector magazine and Pulse.

Advertising is available for companies wishing to promote their products or services. Be sure to visit the ACA Events Calendar on the Education and Training page to view our listing of upcoming CORE Curriculum and Hot Topic seminars featuring critical educational opportunities for your company.


Subscribe to ACA Daily NEWSROOM

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