Removing Barriers Blog

CFPB Extends Section 1071 Data Collection Cost Survey
Posted September 23, 2020 by CUNA Advocacy

Last week, the CFPB released its Outline of Proposals Under Consideration for its small business data collection rulemaking pursuant to Section 1071 of the Dodd-Frank Act. As a result, the Bureau is extending the deadline for financial institutions to complete the Section 1071 One-Time Cost survey. 

The survey will remain open until October 16 and is available on the Bureau’s website.

Section 1071 requires financial institutions to compile, maintain, and report to the bureau certain information about applications for credit made by women-owned, minority-owned, and small businesses.  To assist the process, the CFPB is conducting a survey of institutions offering small business credit products to determine potential one-time costs associated with complying with a small business data collection.