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ELFA Invites Members to Participate in CFPB Survey Regarding Section 1071 of Dodd Frank

July 28, 2020, 06:50 AM

ELFA is sharing with with association membership the following message from the CFPB regarding a survey effort they are undertaking:

The Consumer Financial Protection Bureau (Bureau) is conducting a survey of institutions offering small business credit products to determine potential one-time costs associated with complying with Section 1071 of the Dodd Frank Act. Section 1071 requires financial institutions to compile, maintain, and report to the bureau certain information about applications for credit made by women-owned, minority-owned, and small businesses. 

The survey is available on the Bureau's website. The survey will remain open until October 1, 2020. Please feel free to share this survey with institutions that offer small business credit products. Thank you for your support and consideration to participate in this important effort.

The link above from the CFPB will take you to a page that describes the survey effort in greater detail. The survey should take 2 hours, it is designed for commercial finance companies that provide financing to small businesses, and the results of the survey will be used by the CFPB in their rulemaking process implementing Section 1071 of Dodd-Frank. 

If you submit responses to the survey, ELFA would appreciate if you could let us know. Please contact Andy Fishburn, CLFP, ELFA Vice President, Federal Government Relations.

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