Data Points. The final rule, in Sections 1002.107 and 1002.108, requires a covered financial institution to collect and annually report to the CFPB data on covered applications from small businesses.

So, the partial year data initially scheduled to be collected and then filed under 1071 will be worthless for CRA evaluations for data pertaining to 2025 and 2026.

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 characterized the small business data collection — required by Section 1071 of the Dodd-Frank Act — as similar to mortgage data reported under the Home Mortgage Disclosure Act. But banks have ...

They still can collect the data, of course – and likely risk penalties from future iterations of the CFPB if they don’t, unless the current CFPB issues a rule that supersedes the one finalized ...

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 ...

The mandate in section 1071 sets the stage for the CFPB, ... In addition to the aforementioned data points, the CFPB is also collecting the six-digit North American Industry Classification ...

The Senate on Wednesday voted to overturn a Consumer Financial Protection Bureau rule requiring lenders to report demographic data on small-business loan recipients, defying a White House veto threat.

The Consumer Financial Protection Bureau is gearing up to assess the problems small businesses face, starting with a request for information from interested parties. So far, industry response is ...

C2 Systems, LLC This solution is included in C2's Customer-Facing Small Business Loan Application, where company owners can apply from t ...