General counsel letter regarding section 1071 of the Dodd-Frank Act
This letter is being issued in response to multiple inquiries the Consumer Financial Protection Bureau (“CFPB” or “Bureau”) has received regarding the timing of financial institutions’ obligations under section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”). Section 1071 amends the Equal Credit Opportunity Act to require that financial institutions collect and report information concerning credit applications made by women- or minority-owned businesses and by small businesses.