Trade associations, including the Credit Union National Association (CUNA), American Financial Services Association, Independent Community Bankers of America, and National Association of Federally-Insured Credit Unions filed a Freedom of Information Act (FOIA) request for records pertaining to the Consumer Financial Protection Bureau’s (CFPB) implementation of Section 1071 of the Dodd-Frank Act. 

Section 1071 of the Dodd-Frank Act requires financial institutions to compile, maintain, and submit to the CFPB certain data on applications for credit for women-owned, minority-owned, and small businesses. Any Section 1071 rulemaking will have an impact on these financial institutions. The FOIA request generally seeks non-public communications between the CFPB and other entities promulgating rulemaking under Section 1071. The FOIA request also seeks documentation of policy decisions and procedural compliance regarding those communications under the Paperwork Reduction Act and the Administrative Procedure Act. 

To see CUNA’s news release that includes links to the FOIA request, please visit this link