As the CFPB looks to implement Section 1071 of the Dodd-Frank Act—which calls for the collection of small business lending data—Rep. Nydia Velazquez (D-N.Y.) this week introduced H.R. 7351, an American Bankers Association-advocated bill that would amend the Consumer Protection Act to give the CFPB supervisory authority over nonbanks making small business loans.
Three GOP lawmakers today raised concerns about the CFPB’s pending rulemaking to implement Section 1071 of the Dodd-Frank Act.
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.
The Consumer Financial Protection Bureau on Friday announced updates to its rulemaking agenda for fall…
The American Bankers Association led a broad coalition of financial trade groups in a letter to CFPB Director Rohit Chopra yesterday requesting a 45-day extension for comments on the bureau’s Dodd-Frank Section 1071 proposal.
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.”
The CFPB today issued its long-awaited proposal for implementing 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.
Federal agencies on Friday announced updates to their rulemaking agendas. Items on the agendas and…
Acting Consumer Financial Protection Bureau Director Dave Uejio today signaled that the bureau may move to reconsider recent final rulemakings on Qualified Mortgages and debt collection.
Small entities expected to be affected by the Consumer Financial Protection Bureau’s Dodd-Frank Section 1071 rulemaking recommended that the CFPB prioritize simple options in rulemaking, with clear written guidance and alignment definitions and reporting with other federal data regimes