Section 1071

Texas banking trade group and Texas bank file lawsuit challenging validity of CFPB Section 1071 final rule on small business data collection; Ballard Spahr to hold June 15 webinar

By Richard J. Andreano, Jr. & John L. Culhane, Jr. on May 1, 2023

Posted in CFPB, Litigation and Court Decisions, Section 1071

While it has only been a month since the CFPB issued its final rule to implement Section 1071 of the Dodd-Frank Act, the CFPB is already facing a lawsuit challenging the rule’s validity. The lawsuit was filed last week in a Texas federal district court by the Texas Bankers Association and Rio Bank, McAllen, Texas. … Continue Reading

CFPB issues final Section 1071 rule on small business data collection; Ballard Spahr to hold webinar on April 17

By Richard J. Andreano, Jr., John L. Culhane, Jr. & Michael Gordon on March 30, 2023

Posted in CFPB, Regulatory and Enforcement, Section 1071

The Consumer Financial Protection Bureau has issued its long-awaited 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.… Continue Reading