Small business compliance cost survey
If you’re here, you probably got a link asking for your help with an important survey to inform the consideration of costs and benefits for the Consumer Financial Protection Bureau’s (Bureau) 1071 Rule.
The CFPB is conducting a voluntary survey to measure the one-time costs of compliance with the rule.
Some questions you might have
If you participate in the survey, the CFPB may collect personally identifiable information (PII) such as your name and telephone number from your trade association to facilitate follow up questions to the survey. Direct identifying information may be used by the CFPB to facilitate the survey and will be kept private except as required by law. The findings will be characterized as reflecting the views and experiences of industry participants that respond to the survey, not as statistically representative of the overall small business market. Responses to the surveys will not be used, in any way, for supervision or enforcement purposes or activities.
This survey is part of an overall effort in the consideration of costs and benefits in the implementation of Section 1071 of the Dodd-Frank Act. Section 1071 amends the Equal Credit Opportunity Act to require financial institutions to compile, maintain, and report information concerning credit applications made by women-owned, minority-owned, and small businesses. This survey will be the primary opportunity for financial institutions to provide the Bureau information on potential one-time costs to financial institutions which will help inform the Bureau’s policy decisions.
The survey will take approximately two hours. This survey will save your work so you can stop and continue again whenever you want—just be sure that cookies are enabled in your web-browser, and that you use the same computer and web-browser you enter the first time you access the survey.
There is no time limit on how much time you can spend filling out the survey, we simply ask that you submit your responses by October 1, 2020.
Institutions engaged in small business financing should consider taking this survey.
Paperwork Reduction Act
These surveys have been approved under the Paperwork Reduction Act by the Office of Management and Budget, under OMB Control Number 3170-0032.
According to the Paperwork Reduction Act of 1995, an agency may not conduct or sponsor, and a person is not required to respond to a collection of information unless it displays a valid OMB control number. The OMB control number for this collection is 3170-0032. It expires on 1/31/2023. Comments regarding this collection of information, including the estimated response time, suggestions for improving the usefulness of the information, or suggestions for reducing the burden to respond to this collection should be submitted to Bureau at the Consumer Financial Protection Bureau (Attention: PRA Office), 1700 G Street NW, Washington, DC 20552, or by email to PRA_Comments@cfpb.gov.