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ARTICLE · 01 MAY 2023

Key Aspects Of The CFPB's Finalized Small Business Data Collection Rule

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The US Consumer Financial Protection Bureau ("CFPB" or the "Bureau") published its final rule implementing Section 1071 of the Dodd-Frank Act on March 30, 2023.

United StatesFinance and Banking
Tori K. Shinohara
Tori K. Shinohara
Francis L. Doorley
Francis L. Doorley
Kerri Elizabeth Webb
Kerri Elizabeth Webb
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The US Consumer Financial Protection Bureau (“CFPB” or the “Bureau”) published its final rule implementing Section 1071 of the Dodd-Frank Act on March 30, 2023. 1 The rule requires lenders to collect and report data about their small business lending activities, with the purpose of facilitating enforcement of fair lending laws with respect to women-owned, minority-owned, and small businesses. The 888-page rulemaking has been long-awaited by industry participants and advocacy groups. Indeed, the CFPB issued the rule just one day before its court-mandated deadline for finalization, and over 12 years after Congress passed the Dodd-Frank Act and directed the CFPB to implement small business data collection rules.

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