Removing Barriers Blog

CFPB Issues SBREFA Report on Small Business Data Collection Rulemaking
Posted December 17, 2020 by CUNA Advocacy

The CFPB released a panel report today as part of its rulemaking process under Dodd-Frank Act Section 1071 governing the collection and reporting of small business lending data.  

In October 2020, a panel was convened pursuant to the Small Business Regulatory Enforcement Fairness Act (SBREFA) and was comprised of representatives of the CFPB, the Small Business Administration, and the Office of Management and Budget. The panel consulted with small entity representatives (SERs) likely to be affected directly by a Section 1071 regulation, including five credit unions.

The SERs provided feedback on the outline of proposals under consideration for Section 1071 and the potential economic impacts of complying with those proposals. The panel and SERs also discussed regulatory alternatives to minimize potential impacts.

The feedback from the SERs and the panel’s findings and recommendations will be used by the Bureau as it prepares a notice of proposed rulemaking (NPRM).