ABA & TBA Call on CFPB to Extend 1071 Stay to All FDIC-Insured Banks
In a new letter to CFPB Director Rohit Chopra, the Texas Bankers Association (TBA) and American Bankers Association (ABA) called on the Consumer Financial Protection Bureau to extend U.S. District Court Judge Randy Crane’s recent court order pausing the CFPB’s 1071 Final Rule implementation to all FDIC-insured banks. “As you know, we requested relief for every entity subject to…
ABA: U.S. District Court Grants Injunction on CFPB Section 1071 Final Rule
Court Order Pauses Final Rule Implementation for Texas Bankers Association and American Bankers Association Members The Texas Bankers Association (TBA) and co-plaintiffs, Rio Bank of McAllen, Texas, and the American Bankers Association (ABA), have been successful in their motion to halt implementation of the Consumer Financial Protection Bureau’s (CFPB) Section 1071 Final Rule. In an order…
CFPB: Final Rule Issued to Create New Data Set on Small Business Lending Under Section 1071 Requirements
Rule will fulfill congressional mandate and shine light on key engine of American economy The Consumer Financial Protection Bureau (CFPB) has finalized a rule required by Congress to increase transparency in small business lending, promote economic development, and combat unlawful discrimination. Lenders will collect and report information about the small business credit applications they receive,…
ABA: Statement on CFPB Small Business Data Collection Rule Released
“America’s banks oppose discrimination in any form and support enforcement of fair lending laws and the goals of Section 1071. Banks of all sizes have a long history of lending to creditworthy small businesses across the country, and ABA supports bank efforts to lend to underserved small businesses. “While today’s final rule implementing Section 1071 includes a…
SBA: Statement on the CFPB Action to Finalize Section 1071 Rule
Today, Administrator Isabella Casillas Guzman, head of the U.S. Small Business Administration (SBA) and the voice in President Biden’s Cabinet for America’s 33 million small businesses, issued the following statement on the Consumer Financial Protection Bureau (CFPB)finalizing Section 1071, a rule that aims to increase transparency in small business lending, promote economic development, and combat unlawful discrimination: “The CFPB’s important work to advance transparency and improve data collection in small business lending enables the…