WASHINGTON—The CFPB has issued updates to its FAQs regarding compliance with its section 1071 rulemaking, related to small business lending data collection.
As CUToday.info has reported, any action on section 1071 is likely to wait until after the Supreme Court weighs in on bigger CFPB-related issues, including the agency’s constitutionality. In lawsuits filed by various bank trade groups, a number of lower courts have already ruled against the CFPB on the data collection issue.
In the meantime, the new additions to the FAQs address:
- Record retention
- Utilization of a firewall that prohibits certain employees from accessing demographic information
- Covered credit transactions
- Small businesses.
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