CFPB confirms March 2023 for 1071 final rule

July 13, 2022

The Consumer Financial Protection Bureau plans to issue a final rule implementing Section 1071 small-business reporting requirements by March 31, 2023, according to court filing.

Deadline: The CFPB agreed to the deadline as part of a lawsuit designed to compel the bureau to finalize the rulemaking, which is required by Section 1071 of the Dodd-Frank Act. The deadline is consistent with an Office of Management and Budget timeline released last month.

ICBA Advocacy: ICBA continues advocating relief from CFPB regulations, including its 1071 plan, in which the bureau is proposing to nearly double the number of reporting data points required by Congress.

Recent Op-ed: In an American Banker op-ed last month, ICBA President and CEO Rebeca Romero Rainey said that while Dodd-Frank directs the CFPB to implement new reporting rules, the bureau should exercise its authority to tailor its rulemaking to avoid restricting access to credit.