CFPB planning 1071 final rule by March 2023

The Consumer Financial Protection Bureau plans to issue a final rule implementing Section 1071 small-business reporting requirements by March 2023, according to a timeline released by the Office of Management and Budget.

Agency Agendas: The OMB issued the 1071 timeline as part of its spring 2022 CFPB regulatory agenda. The OMB also released regulatory outlooks for the FDIC, Federal Reserve, OCC, and other agencies.

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 week, ICBA President and CEO Rebeca Romero Rainey said that while the Dodd-Frank Act directs the CFPB to implement new reporting rules, the bureau should exercise its authority to tailor its rulemaking to avoid restricting access to credit.