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Financial Services Law Insights and Observations

CFPB to issue Section 1071 NPRM by September 30

Federal Issues Courts CFPB Section 1071 Small Business Lending Dodd-Frank Agency Rule-Making & Guidance SBREFA

Federal Issues

On August 23, the CFPB filed its sixth status report in the U.S. District Court for the Northern District of California as required under a stipulated settlement reached in February 2020 with a group of plaintiffs, including the California Reinvestment Coalition. The settlement (covered by InfoBytes here) resolved a 2019 lawsuit that sought an order compelling the Bureau to issue a final rule implementing Section 1071 of the Dodd-Frank Act, which requires the Bureau to collect and disclose data on lending to women and minority-owned small businesses. The newest status report follows a July court order, which requires the Bureau to issue a notice of proposed rulemaking on small business lending data by September 30 (covered by InfoBytes here). Among other things, the Bureau notes in its status report that it expects to meet the September deadline and that it “is continuing to work on the significant legal and policy issues that must be resolved to implement the Section 1071 regulations.”

Find continuing Section 1071 coverage here.