Trade Groups, Including NAFCU, Tell CFPB of Objections to Request for Information on Small Biz

WASHINGTON—NAFCU Senior Regulatory Affairs Counsel Michael Emancipator and Regulatory Affairs Counsel Andrew Morris shared the association's concerns about the CFPB's request for information regarding small businesses during a joint trades meeting Monday with CFPB representatives at the U.S. Chamber of Commerce.
The CFPB is currently requesting information on small business lending in preparation for future rulemaking mandated by Section 1071 of the Dodd-Frank Act. The provision requires financial institutions to collect information – whether the business is a small business and women- or minority-owned – and report it to the CFPB using systems similar to those used to collect information under the Home Mortgage Disclosure Act rule, NAFCU explained.

The CFPB is accepting comments on its RFI until Sept. 12. On Monday, Bureau staff noted information is still coming in and being evaluated.
The CFPB's RFI was originally issued with a response deadline of July 14. The Bureau moved the date back 60 days, to Sept. 12.
NAFCU staff and representatives from several NAFCU member credit unions met with CFPB staff this May to discuss the RFI and the potential impact on credit unions of the Dodd-Frank Act provision.