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Financial Services Law Insights and Observations

CFPB “on track” to issue Section 1071 rulemaking by March 31

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

Federal Issues

On August 22, the CFPB filed its tenth 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, related to the collection of small business lending data. 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 current status report states that the Bureau is on track to issue the Section 1071 final rule by March 31, 2023—a deadline established by court order in July (covered by InfoBytes here).

Find continuing Section 1071 coverage here.