WASHINGTON—The CFPB has extended the deadline for a survey related to its small business data collection rulemaking until Oct. 16.
The survey, released in July, seeks responses from institutions that offer small business credit products to help the Bureau assess potential one-time costs associated with implementing Section 1071 of the Dodd-Frank Act. The provision requires financial institutions to compile, maintain, and report information about applications for credit made by small businesses, including those that are women- and minority-owned, NAFCU stated.
The CFPB last week released its Small Business Regulatory Enforcement Fairness Act (SBREFA) outline of proposals for the 1071 rulemaking.
While institutions can submit survey responses until Oct. 16, comments on the SBREFA proposals aren't due until Dec. 14.