The American Bankers Association today submitted a list of frequently asked questions from bankers about the Consumer Financial Protection Bureau’s upcoming implementation of its revised small-business lending data rule.
Earlier this year, the CFPB issued a “streamlined” final rule to implement Section 1071 of the Dodd-Frank Act, which requires financial institutions to report data on small-business lending. The rule was in response to various legal challenges against the bureau’s previous effort to implement Section 1071, including a lawsuit brought by the Texas Bankers Association and the American Bankers Association.
ABA shared the FAQs in the hope that CFPB will consider addressing the questions as it updates implementation materials related to the final rule. They include questions on the timing of the filing instructions guide and other implementation material, rules for rounding, guidance for examiners, gross annual revenue in underwriting, and more.
