Alert April 19, 2011

CFPB Issues Guidance on Dodd-Frank Small Business Data Collection Requirements

The Consumer Financial Protection Bureau issued guidance concerning financial institutions’ obligations under Section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, which amends the Equal Credit Opportunity Act, effective July 21, 2011, to require collection and reporting of information concerning credit applications by women- or minority-owned businesses and by small businesses. According to the Bureau, financial institutions do not have to collect or report this information until the Bureau has issued implementing regulations after customary notice-and-comment processes are followed. Click here for the guidance.