Podcast

A Close Look at the CFPB's Section 1071 Proposed Rule to Expand Data Collection and Reporting in the Small Business Lending Market: Part II

November 4, 2021

 

listen on apple podcasts listen on google podcasts listen on spotify

In Part II of this two-part podcast, we continue our examination of the CFPB’s proposed rule implementing Sec. 1071 of the Dodd-Frank Act which would impose significant new data collection and reporting requirements on lenders in connection with credit applications made by small businesses, including women- or minority-owned small businesses. We discuss the “firewall provision” restricting employee access to data, the proposal’s intersection with HMDA reporting requirements, the likely timeline for issuance of a final rule and compliance deadlines, the outlook for CFPB supervision and enforcement of the final rule, operational considerations in preparing for implementation, and fair lending risk management implications and mitigants.

Alan Kaplinsky, Ballard Spahr Senior Counsel, hosts the conversation, joined by John Culhane, a partner in the firm’s Consumer Financial Services Group, Lori Sommerfield, Of Counsel in the Group, Heather Klein, an associate in the Group, and Richard Andreano, a partner in the firm’s Mortgage Banking Group.

View the recording transcript here.

More Episodes

Subscribe to Ballard Spahr Mailing Lists

Get the latest significant legal alerts, news, webinars, and insights that affect your industry. 
Subscribe

Copyright © 2021 by Ballard Spahr LLP.
www.ballardspahr.com
(No claim to original U.S. government material.)

All rights reserved. No part of this podcast may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, including electronic, mechanical, photocopying, recording, or otherwise, without prior written permission of the author and publisher.

This podcast is a periodic publication of Ballard Spahr LLP and is intended to notify recipients of new developments in the law. It should not be construed as legal advice or legal opinion on any specific facts or circumstances. The contents are intended for general informational purposes only, and you are urged to consult your own attorney concerning your situation and specific legal questions you have.