As we traverse the labyrinth of legal regulation updates, it is essential to keep up with new mandates. One such significant update arrived in the form of the Consumer Financial Protection Bureau’s (CFPB) new small business lending data collection and reporting rule—Section 1071 Final Rule. Legal professionals worldwide, especially those working within large corporations and law firms, need to grasp the implications brought about by this rule.
The Consumer Finance Podcast carried an in-depth dialogue around this topic; their discussion deserves the spotlight. The conversation saw Troutman Pepper Partner Chris Willis collaborating with his colleagues Lori Sommerfield and Joe Reilly to elucidate this noteworthy update concerning the CFPB’s stance.
The Section 1071 Final Rule was originally conceived to facilitate better lending data collection for small businesses. However, on July 31, the U.S. District Court for the Southern District of Texas issued a preliminary injunction, thereby preventing CFPB from enforcing this Final Rule against members of the American Bankers Association.
A deeper understanding of the implications surrounding this ruling becomes indispensable for those navigating it firsthand, or advising others in its path. Tune into this insightful podcast dialogue carried by seasoned professionals to comprehend the nuances of the latest injunction better and its implications on small business lending and data collection.