CFPB Publishes Latest Regulatory Agenda

The Consumer Financial Protection Bureau (CFPB) published its latest semi-annual regulatory agenda in the Federal Register on January 31, 2022. As expected, the CFPB will continue to focus on various statutorily mandated rule-makings, some of which date back to the 2010 passage of the Dodd-Frank Act, which created the CFPB.

• The regulatory agenda indicates that the CFPB will continue pushing forward with its proposed rules implementing Section 1071 of the Dodd-Frank Act, mandating data collection with respect to small-business lending under the Equal Credit Opportunity Act. More than 10 years after the Dodd-Frank Act's passage, and as a result of the settlement of a lawsuit alleging that the CFPB had taken too long to issue implementing regulations, the CFPB issued a notice of proposed rulemaking to implement Section 1071 in September 2021. The comment period closed on January 6, 2022.