Kang Haggerty News
In response to the 2008 financial crisis, Congress enacted the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”) in 2010, focused on addressing sectors of the financial services industry. Dodd-Frank was to be implemented over time: Section 1071 (15 U.S. Code § 1691c-2(a)) has been pushed back on the implementation timeline, as it does not become effective until the Consumer Financial Protection Bureau (“CFPB”) implements regulations – which it has not.
Section 1071 amends the Equal Credit Opportunity Act. It requires financial institutions and governmental entities to compile, maintain, and submit data to the CFPB regarding credit applications submitted by women-owned, minority-owned, and small businesses.