CFPB Hosting Symposium on 1071 Implementation

The Consumer Financial Protection Bureau (CFPB) on Wednesday will host a symposium on Section 1071 of the Dodd-Frank Act and “will provide a public forum for the Bureau and the public to hear various perspectives on the small business lending marketplace and the Bureau’s upcoming implementation of Section 1071.”

Section 1071 amended the Equal Credit Opportunity Act (ECOA) to require financial institutions to collect, report and make public information concerning credit applications made by women-owned, minority-owned, and small business. 

From the bureau’s press release:

The symposium is the third in a series announced earlier this year to explore consumer protections in today’s dynamic financial services marketplace. The series is aimed at stimulating a proactive and transparent dialogue to assist the Bureau in its policy development process, including possible future rulemakings. The first symposium on June 25 covered the Dodd-Frank Act’s prohibition on abusive acts or practices. The second symposium on September 19 covered behavioral law and economics.

The symposium will feature remarks from Bureau Director Kathy Kraninger and two panels. The first panel will focus on the current state of, and future outlook for, the small business lending marketplace. The panel will be moderated by Grady Hedgespeth, Assistant Director in the Bureau’s Office of Small Business Lending Markets. The second panel will include a discussion surrounding the implementation of Section 1071. The panel will be moderated by Elena Babinecz, Managing Counsel in the Bureau’s Office of Regulations.

AFSA will attend the symposium and previously commented on 1071 in a September 2017 comment letter. The bureau is statutorily required to implement Section 1071 of the Dodd-Frank Act. AFSA appreciates that the CFPB is carefully considering the impact that its rulemaking could have on small business across America.