On March 30, the Consumer Financial Protection Bureau issued its final rule to implement Section 1071 of the Dodd-Frank Act. Section 1071 amended the ...

This means that section 1071 data for the years 2025 and 2026 will not be complete annual data and therefore not usable for compliance and examination purposes.

Section 1071 of the Dodd-Frank Act directs the CFPB to implement rules requiring lenders to collect and report data on credit applicants. The law specifies several data points financial institutions ...

The CFPB also released a chart of 23 proposed data points to be collected including the loan amount, whether the loan was approved or denied, pricing information, and the race, ethnicity and sex of ...

The bureau cited resource constraints and fairness, adding that it would focus on “pressing threats.” One opponent said the CFPB “can't simply gut rules by press releases on its whim.” ...

The bureau in April said it is “assessing” the rule with an eye toward retooling it. The CFPB later said it wouldn’t enforce the measure. And Senate Republicans have sought to push ...

The CFPB will likely use the data it collects as a precursor to issuing future regulations that will force financial institutions to only lend to certain small businesses without considering risk ...

A new CFPB report says that interest rate discount points require additional scrutiny to assess impacts on consumers.

That’s the thinking behind the Consumer Financial Protection Bureau’s (CFPB) controversial Section 1071 ruling, which would direct certain financial institutions to compile data points ...

Section 1071 requires the CFPB to collect data from lending institutions regarding demographic characteristics of small businesses and to publicly report the data.

Section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, which amended the Equal Credit Opportunity Act (ECOA), directs financial institutions to collect and submit data on ...