More than a month after it was issued, the CFPB’s notice of proposed rulemaking (NPRM) to implement Section 1071 of the Dodd-Frank Act was published in the Federal Register on Friday, October 8. Section 1071 amended the ECOA 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.
The publication of the NPRM starts the clock running on the 90-day comment period. Comments must be filed by January 6, 2022.