In a notice published in today’s Federal Register, the CFPB announced that it has extended the comment period on its small business lending RFI until September 14, 2017.
The CFPB issued the RFI, together with a white paper on small business lending, in May 2017 in conjunction with a field hearing on small business lending. The RFI is intended to inform the CFPB’s rulemaking to implement Dodd-Frank Act section 1071. At last month’s meeting of the CFPB’s Consumer Advisory Board, Director Cordray indicated that in response to requests for additional time to respond to the RFI, the CFPB had decided to extend the comment period (which would have expired on July 14) by 60 days. Today’s Federal Register notice specifically referenced a letter the CFPB received on May 23 from thirteen industry trade associations requesting a 60-day comment period extension.