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August 23, 2022

CFPB On Track to Issue Section 1071 Final Rule by March 31, 2023

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Key Takeaways

  • The CFPB is moving forward with rulemaking to implement the small business data requirements of the Dodd-Frank Act.

Yesterday, the CFPB filed its tenth status report with the California federal district court hearing the lawsuit brought to force the CFPB to move forward with rulemaking to implement the small business data requirements of Section 1071 of the Dodd-Frank Act.  The Bureau states in the status report that it is on track to issue the Section 1071 final rule by March 31, 2023.

The CFPB agreed to the March 31, 2023 deadline for issuing a final rule in a stipulation with the plaintiffs that was approved by the court last month.  The Bureau issued a notice of proposed rulemaking in August 2021 and the comment period ended on January 6, 2022.

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