The CFPB recently issued Section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. It was evident that this rule, which seeks to amend the ECOA to require strict reporting requirements for small business lenders.
After the Consumer Financial Protection Bureau CFPB issued their Notice of Proposed Rulemaking related to Dodd-Frank 1071, Rohit Chopra expressed his concern regarding the regulatory burden that the proposed rule would have on small banks.