CFPB to start new Sec. 1071 rulemaking – Oklahoma Bankers Association

Executive Letter: New Section 1071 Proposed Rule Expected Soon - Wisconsin Bankers Association

By Rose Oswald Poels In court filings last week involving the Bureau of Consumer Financial Protection’s (CFPB) Section 1071 rule, the CFPB stated that staff have been instructed to initiate new rulemaking to possibly replace or change the current rule. While I do not know yet what specific changes CFPB has planned for its new rulemaking, I am very pleased to have learned of this news as WBA has been vocal in our objections and concerns of Sectio…

CFPB to start new Sec. 1071 rulemaking – Oklahoma Bankers Association

In a court filing last week, the Consumer Financial Protection Bureau said its leadership has directed staff to initiate new rulemaking to implement Section 1071 of the Dodd-Frank Act and plans to soon release a proposal to possibly replace or change its current rule. The CFPB in 2023 released a final rule implementing Section 1071, which requires financial institutions to report data on small-business lending. Critics said the rule was unwield…