Consumer Financial Protection Bureau Releases Report on Implementing The Dodd-Frank Act’s Small Business Lending Data Collection Requirement
On December 14, 2020, the Consumer Financial Protection Bureau (Bureau) issued a panel report as part of its rulemaking process under Dodd-Frank Act Section 1071 governing the collection and reporting of small business lending data. A panel was convened pursuant to the Small Business Regulatory Enforcement Fairness Act (SBREFA). It consisted of representatives of the Bureau, the Office of Advocacy of the Small Business Administration, and the Office of Management and Budget. The panel consulted with small entity representatives that may be affected directly by a Section 1071 regulation. The SERs provided feedback on the CFPB’s proposals under consideration for Section 1071 and the potential economic impacts of complying with those proposals. The panel and SERs also discussed regulatory alternatives to minimize potential impacts.
The panel report can be found here: https://files.consumerfinance.gov/f/documents/cfpb_1071-sbrefa-report.pdf.
Additional materials related to this rulemaking are available here: https://www.consumerfinance.gov/1071-rule/.