Browsing: Reporting

Commercial Lending

While expressing support for fair lending laws and regulations, ABA and the state bankers associations yesterday raised concerns about the CFPB’s long-awaited proposed rule to implement Section 1071 of the Dodd-Frank Act, which concerns the collection of credit application data for small businesses, including women-owned and minority-owned small businesses.

Newsbytes

With bipartisan opposition growing for a controversial proposal that would require financial institutions to report information on gross inflows and outflows on all customer accounts above a certain de minimis level, House Democrats have reportedly omitted the provision from their current draft of the budget resolution.

Compliance and Risk

CFPB Director Rohit Chopra today said he is concerned about the potential regulatory burden that rules like the bureau’s pending Section 1071 rulemaking—which addresses the collection of credit application data for small businesses, including women-owned and minority-owned small businesses—could have on small banks, noting that “I’m very sensitive to what our local financial institutions are facing.”

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