ELFA Invites Members to Participate in CFPB Survey Regarding Section 1071 of Dodd Frank

The Equipment Leasing and Finance Association is sharing with its association membership the following message from the CFPB regarding a survey effort it is undertaking:

The Consumer Financial Protection Bureau is conducting a survey of institutions offering small business credit products to determine potential one-time costs associated with complying with Section 1071 of the Dodd Frank Act. Section 1071 requires financial institutions to compile, maintain and report to the bureau certain information about applications for credit made by women-owned, minority-owned and small businesses.

The survey is available on the CFPB’s website. The survey will remain open until Oct. 1, 2020.

The CFPB estimates that the survey should take two hours to complete. It is designed for commercial finance companies that provide financing to small businesses, and the results of the survey will be used by the CFPB in its rulemaking process implementing Section 1071 of Dodd-Frank.

ELFA members that respond to the survey can contact Andy Fishburn, CLFP, vice president of federal government relations at the ELFA to share their experience.

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