On September 15, 2020, the Consumer Financial Protection Bureau (CFPB) released its Outline of Proposals Under Consideration and Alternatives Considered for the implementation of Section 1071 of the Dodd-Frank Act governing small business lending data collection and reporting. Section 1071 requires financial institutions to collect certain data regarding applications for credit for women-owned, minority-owned, and small businesses, and to report that data to the Bureau on an annual basis. The outline describes proposals that the CFPB is considering implementing along with the relevant law, the regulatory process, and an economic analysis of the potential impacts of the proposals on directly affected small entities.
The press release is available at: https://www.consumerfinance. gov/about-us/newsroom/cfpb- releases-outline-proposals-implement-small-business-lending- data-collection-requirements/.
The outline is available at: https://files.consumerfinance. gov/f/documents/cfpb_1071- sbrefa_outline-of-proposals-under -consideration_2020-09.pdf.
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