Uncertain Future For CFPB Small Business Data Rule

Download IconDownload Print IconPrint

Uncertain Future For CFPB Small Business Data Rule

Publication

Related Documents

Related Solutions

A global team handling highly complex and sensitive matters in all aspects of litigation.
Bringing significant depth and critical experience to government contracting matters.
Advising clients on changing priorities, new regulations, emerging threats and untapped opportunities.
Drawing on years of experience in the public and private sectors, our lawyers handle a range of litigation involving the federal government, state and foreign governments, and complex regulatory regimes.
Battle-tested. Globally Respected.

An article written by Daniel Kearney, Skye Perryman and Daniel Hartman, published by Law360, discusses the uncertain future for the Consumer Financial Protection Bureau (CFPB) small business data rule.

On Wednesday, May 10, the Consumer Financial Protection Bureau issued a request for information (RFI) on the small-business lending marketplace—the first step in an anticipated rulemaking pursuant to Section 1071 of Dodd-Frank.[2] Section 1071 authorize the bureau to implement rules that will require collection of data on loans made to women-owned and minority-owned businesses in order to monitor for potential violations of the Equal Credit Opportunity Act (ECOA).[3] While this rulemaking has long been anticipated, the chances of it being finalized are far from certain. Strong opposition to Section 1071 by Republicans, along with the fact that the rulemaking process will be finalized under Director Richard Cordray's replacement, will create serious headwinds. Some members of the business community quickly responded to the RFI, calling for a narrow approach that ensures that any rule does not raise compliance costs that become overly burdensome. Read the full article

Notice

Unless you are an existing client, before communicating with WilmerHale by e-mail (or otherwise), please read the Disclaimer referenced by this link.(The Disclaimer is also accessible from the opening of this website). As noted therein, until you have received from us a written statement that we represent you in a particular manner (an "engagement letter") you should not send to us any confidential information about any such matter. After we have undertaken representation of you concerning a matter, you will be our client, and we may thereafter exchange confidential information freely.

Thank you for your interest in WilmerHale.

I Accept Cancel