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 Equal Credit Opportunity Act to require financial institutions to collect and report certain data in connection with credit applications made by small businesses, including women- or minority-owned small businesses. The final rule was accompanied by a “Grace Period Policy Statement” and a “Statement on Enforcement and Supervisory Practices Relating to Small Business Lending Rule under the Equal Credit Opportunity Act and Regulation B.” Below we discuss key provisions of the final rule, including noteworthy changes from the CFPB’s proposal, and the CFPB’s accompanying Statements.
On April 17, 2023 from 1:00 p.m. to 2:30 p.m. ET, Ballard Spahr’s Consumer Financial Services Group will hold a webinar, “The CFPB’s Final Section 1071…
