On September 1, 2021, the Consumer Financial Protection Bureau
(CFPB) issued a notice of proposed rulemaking
(NPRM) requesting public comment on its proposed rule to implement
Section 1071 of the Dodd-Frank Wall Street Reform and Consumer
Protection Act (Dodd-Frank Act). The publication of the NPRM in the Federal
Register on October 8, 2021, commences the 90-day comment period
– and comments on the proposed rule must be received on or
before January 6, 2022.
Section 1071 of the Dodd-Frank Act amended the Equal Credit
Opportunity Act to require that certain financial institutions
collect and report to the CFPB certain data regarding applications
for credit made by small businesses, including women-owned
businesses and minority-owned businesses1, among other
requirements. Section 1071 has two stated purposes: "to
facilitate enforcement of fair lending laws and enable communities,
governmental entities, and creditors to identify business and
community development needs
