According to a timeline released by the Office of Management and Budget (OMB) as part of its Spring 2022 regulatory agenda, the Consumer Financial Protection Bureau (CFPB) plans to issue a final rule implementing Section 1071 reporting requirements by March 2023.
Section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) amended the Equal Credit Opportunity Act (ECOA) to require, subject to rules prescribed by the CFPB, financial institutions to report information concerning credit applications made by women-owned, minority-owned, and small businesses. The CFPB issued a Notice of Proposed Rulemaking (NPRM) in September 2021. The CFPB’s next action for Section 1071 rulemaking is the issuance of a final rule.
CS continues to monitor this development for any impact to our solution and will inform our clients and partners of any required changes.