The Consumer Financial Protection Bureau agreed to move ahead with developing rules for collecting and reporting data on small-business lending required by Section 1071 of the Dodd-Frank Act.
As part of a settlement with consumer advocacy groups, the CFPB said it will publish an outline of proposed regulations by September. The agency also agreed to convene a Small Business Regulatory Enforcement Fairness Act panel of small-entity representatives by October.
ICBA last week urged the bureau to continue collecting information before initiating any rulemaking and to ultimately exempt community banks. It also supports the Preserving Small Business Lending Act of 2020 (H.R. 5574) to repeal the mandate, the latest in a series of legislative efforts.
ICBA has worked with the CFPB and Congress for years to mitigate the negative impact of Section 1071 and will continue working to protect community banks from its impact.
Learn more about the proposed regulations