CFPB says it won’t enforce small-biz data collection rule

CFPB says it won’t enforce small-biz data collection rule

The bureau cited resource constraints and fairness, adding that it would focus on “pressing threats.” One opponent said the CFPB “can't simply gut rules by press releases on its whim.”

Where does Jonathan McKernan’s CFPB nomination stand?

The nomination of Jonathan McKernan to lead the besieged Consumer Financial Protection Bureau (CFPB) remains uncertain. While his nomination was passed out of the Senate Banking Committee nearly two months ago, it has remained on the executive calendar of the Senate without being scheduled for a vote. There is not an abundance of hard facts related to the potential for the nomination to move forward, but some in the housing space have spoken abo…

CFPB won’t enforce Section 1071

The Consumer Financial Protection Bureau is not planning to enforce Section 1071, the bureau announced on April 30.  “The bureau will instead keep its enforcement and supervision resources focused on pressing threats to consumers, particularly servicemen and veterans,” the bureau wrote in a May 1 press release. “The bureau takes this step in the interest of focusing resources on supporting hard-working taxpayers, servicemen, veterans and small b…

CFPB Halts Enforcement of Small Business Lending Rule for Institutions Outside Fifth Circuit

On April 30, the CFPB announced it will deprioritize enforcement and supervision of its small business lending data collection rule for institutions not covered by the stay issued by the U.S. Court of Appeals for the Fifth Circuit. The rule, finalized in May 2023 under Regulation B, implements Section 1071 of the Dodd-Frank Act and requires lenders to collect and report demographic and loan application data from small business credit applicants.…

Trump's CFPB guts rule mandating small business loan data

The Consumer Financial Protection Bureau will not enforce or supervise the 1071 small business lending rule, it announced in a press release. The rule requires collecting data on the race, ethnicity, gender and LGBTQ status of loan applicants.

Van Tol: Trump Administration’s Small Business Loan Data Blackout Abandons Rule of Law » NCRC

In response to Consumer Financial Protection Bureau (CFPB) leadership’s announcement that the agency will no longer “prioritize enforcement of” Section 1071 small business lending rule, the National Community Reinvestment Coalition (NCRC) released the following statement from President and CEO Jesse Van Tol: “The CFPB is subverting the rule of law by telling the largest banks, credit unions and fintech companies they can ignore the small busines…