Removing Barriers Blog

CFPB Releases Outline of Small Business Data Collection Rulemaking
Posted September 15, 2020 by CUNA Advocacy

The CFPB released an Outline of Proposals Under Consideration for a small business lending data collection and reporting rulemaking pursuant to Section 1071 of the Dodd-Frank Act. 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.  

A high-level summary of the Outline can be found here. The Outline describes proposals being considered 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 CFPB, in collaboration with the SBA, will convene a Small Business Review panel in October 2020 to consult with small entities regarding the potential impact of the proposals under consideration, in advance of issuing a notice of proposed rulemaking. 

The CFPB also welcomes stakeholders to provide written feedback on the proposals under consideration. Feedback should be emailed to 2020-SBREFA-1071@cfpb.gov prior to December 14, 2020.