The Bureau of Consumer Financial Protection Issues Proposed Rule on Small Business Lending Data Collection
On October 8, 2021, the Bureau of Consumer Financial Protection (CFPB) has published a proposed rule amending Regulation B to implement changes to the Equal Credit Opportunity Act made by section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The CFPB is proposing to require covered financial institutions to collect and report data on applications for credit for small businesses, including those that are owned by women or minorities. The CFPB’s proposal also addresses its approach to privacy interests and the publication of section 1071 data, shielding certain demographic data from underwriters and other persons, recordkeeping requirements, enforcement provisions, and the proposed rule’s effective and compliance dates.
Comments are due on January 6, 2022.
Read the notice at Regulations.gov
You may submit comments, identified by Docket No. CFPB-2021-0015 or RIN 3170-AA09, by any of the following methods:
· Federal eRulemaking Portal: https://www.regulations.gov. Follow the instructions for submitting comments.
· Email: 2021-NPRMfirstname.lastname@example.org. Include Docket No. CFPB-2021-0015 or RIN 3170-AA09 in the subject line of the message.
· Mail/Hand Delivery/Courier: Comment Intake—Section 1071 Small Business Lending Data Collection, Bureau of Consumer Financial Protection, 1700 G Street NW, Washington, DC 20552.
The Bureau encourages the early submission of comments. All submissions should include the agency name and docket number or Regulatory Information Number (RIN) for this rulemaking. Because paper mail in the Washington, DC area and at the Bureau is subject to delay, and in light of difficulties associated with mail and hand deliveries during the COVID-19 pandemic, commenters are encouraged to submit comments electronically.
Advocacy contact: Jennifer A. Smith at Jennifer.Smith@sba.gov.