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.