CFPB: Small Business Lending Data Collection Proposed Rule Issued to Revise Section 1071 Requirements
The Consumer Financial Protection Bureau (CFPB or Bureau) proposes revisions to certain provisions of Regulation B, subpart B, implementing changes to the Equal Credit Opportunity Act made by section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The Bureau is reconsidering coverage of certain credit transactions and financial institutions; the small business…
ICBA: Statement on CFPB’s New Proposal to Implement Section 1071 Small-Business Reporting Requirements
Independent Community Bankers of America (ICBA) President and CEO Rebeca Romero Rainey issued the following statement on today’s updated Consumer Financial Protection Bureau proposed rule to implement Section 1071 small-business reporting requirements. “ICBA and the nation’s community bankers commend the administration for making needed improvements to the CFPB’s 1071 rule to help mitigate the negative impact of…
ABA: Statement on CFPB’s Section 1071 Reproposal
“We applaud the CFPB for addressing serious flaws in its previous Section 1071 rulemaking, which exceeded the Bureau’s legal authority and constrained banks’ ability to make small business loans that are so essential to economic growth. This is one of many recent regulatory reforms advanced by the CFPB that will unleash America’s banks, allowing them…
CFPB: Agency Notifies Court it Cannot Lawfully Draw Funds from the Federal Reserve
Today, the Consumer Financial Protection Bureau (CFPB) filed a notice informing the court in NTEU v. Vought that the Department of Justice’s Office of Legal Counsel (OLC) has determined that the Bureau may not legally request funds at this time from the Federal Reserve under Dodd-Frank. OLC made this conclusion on the basis that the Federal Reserve…
ABA: Statement Issued on Court Ruling to Halt Compliance and Enforcement of CFPB Data Sharing Rule
“The U.S. District Court’s decision to stay compliance with the Consumer Financial Protection Bureau’s Section 1033 rule affirms the serious concerns raised by ABA and other stakeholders regarding the rule’s legal foundation, scope and impact on consumer privacy and data security. The court’s decision provides a necessary pause for the Bureau to engage meaningfully with…
ABA: ABA Calls on CFPB to Suspend Data Sharing Rule Compliance Dates and Undertake Major Revisions
The American Bankers Association today submitted a detailed comment letter in response to the Consumer Financial Protection Bureau’s Advance Notice of Proposed Rulemaking regarding the reconsideration of the Personal Financial Data Rights rule under Section 1033 of the Dodd-Frank Act. In the letter, ABA commends the CFPB’s leadership for recognizing the need to revise the November 2024…
CFPB: Advanced Notice of Proposed Rulemaking on Personal Financial Data Rights Rule Issued
The Consumer Financial Protection Bureau (CFPB) is seeking comments and data to inform its consideration of four issues related to implementation of section 1033 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). These issues are: the proper understanding of who can serve as a “representative” making a request on behalf of…
ICBA: Statement Issued on the CFPB’s Proposed Rule to Implement Section 1033 Standards on Sharing Consumer Financial Data
Independent Community Bankers of America (ICBA) President and CEO Rebeca Romero Rainey issued the following statement on today’s Consumer Financial Protection Bureau proposed rule to implement Section 1033 of the Dodd-Frank Act. “As the CFPB considers a new proposed rule to implement Section 1033 standards on sharing consumer financial data, ICBA and the nation’s community…
CFPB: Financial Civil Penalty Fund Rule Amended
The Consumer Financial Protection Bureau (CFPB) is proposing to amend its 2013 rule implementing the provision of the Consumer Financial Protection Act of 2010 (CFPA) that establishes a Consumer Financial Civil Penalty Fund. Under the CFPA, the Civil Penalty Fund may be used for payments to victims of activities subject to civil penalties; to the…
ICBA: ICBA Applauds Signing of Resolution to Overturn Flawed CFPB Overdraft Rule
Independent Community Bankers of America (ICBA) President and CEO Rebeca Romero Rainey issued the following statement on President Donald Trump’s signing of a Congressional Review Act resolution to overturn the Consumer Financial Protection Bureau’s final rule on overdraft services. “ICBA and the nation’s community banks commend President Trump and Congress for enacting this critical resolution…