Maureen Clark

Aug 3, 2023 | jdsupra.com | Maureen Clark |Christopher Friedman

Over the last several weeks, there have been two significant developments involving Section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. First, on June 28, 2023, the Consumer Financial Protection Bureau issued a comprehensive set of Frequently Asked Questions to assist small business lenders and finance companies with complying with a final rule mandated by Section 1071. As we noted in a previous alert, the rule has staggered compliance dates.

May 30, 2023 | jdsupra.com | Maureen Clark |Christopher Friedman

The Consumer Financial Protection Bureau (CFPB) recently introduced the Dodd-Frank 1071 Small Entity Compliance Guide, an important resource for financial institutions navigating the mandates of Section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. This provision amended the Equal Credit Opportunity Act and is similar to the Home Mortgage Disclosure Act.