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ARTICLE · 01 JUNE 2021

CFPB Files Another Status Report In Section 1071 Rulemaking Lawsuit

Ballard Spahr LLP
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The CFPB has filed its fifth status report with the California federal district court as required by the Stipulated Settlement Agreement (Agreement)...

United StatesConsumer Protection
John L. Culhane, Jr.
John L. Culhane, Jr.
Lori Sommerfield
Lori Sommerfield
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The CFPB has filed its fifth status report with the California federal district court as required by the Stipulated Settlement Agreement (Agreement) in the lawsuit filed against the Bureau in May 2019 alleging wrongful delay in adopting regulations to implement Section 1071 of the Dodd-Frank Act.

Section 1071 amended the ECOA to require financial institutions to collect and report certain data in connection with credit applications made by women- or minority-owned businesses and small businesses. Such data includes the race, sex, and ethnicity of the principal owners of the business. The Stipulated Settlement Agreement, which the court approved in February 2020, established a timetable for the Bureau to engage in the Section 1071 rulemaking and required the Bureau to provide status reports to the plaintiffs and the court every 90 days until a Section 1071 final rule is issued.

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