Yesterday, the CFPB issued a Notice of Proposed Rulemaking regarding Dodd Frank Section 1071. This provision of the Dodd-Frank Act will require that financial services providers making loans to small businesses, women-owned businesses, and minority-owned businesses collect and report HMDA-like data points to the CFPB. The Bureau, in turn, will make some of this data publicly available. Section 1071 will present substantial compliance challenges and will create new sources of risk for financial services institutions offering small business and commercial credit products.
On Wednesday, September 8 at 2:00 p.m. CT, Bradley attorneys Christopher Friedman and Brian Epling will present a webinar in which they will explain the contours of the proposed rule (including exemptions), present initial reactions, and discuss ways in which financial services providers can start working to prepare for this significant new regulatory regime.