WASHINGTON—NAFCU and CUNA have joined with more than 80 trade associations in sending a letter to CFPB Director Rohit Chopra urging an extension to the Bureau’s 90-day comment period for its section 1071 proposed rule.
The group asked the Bureau for the original deadline to receive comments on or before Jan. 6, 2022, to be extended to Feb. 20, 2022.
In the letter, the group said an extension would give small institutions like credit unions ample time to research and provide feedback regarding the proposed rule.
The proposal would “require covered financial institutions to collect and report to the Bureau more than 21 data elements on applications for credit by small business in order to ‘facilitate the enforcement of fair lending laws’ and to ‘enable communities, governmental entities, and creditors to identify business and community development needs and opportunities of women-owned, minority-owned, and small businesses,’” the trade groups noted in the letter.
NAFCU President and CEO Dan Berger last month also wrote to Chopra to ask the Bureau to revisit the proposed rule to implement changes made by section 1071 of the Dodd-Frank Act and its likely effects as related to a proposal in the Build Back Better Act to authorize the Small Business Administration (SBA) to establish a direct 7(a) lending program.