Dodd-Frank Act Section 1071 Rulemaking: A Close Look at the Settlement in the Lawsuit Against the CFPB

Summary: We are joined by Nitin Shah of Democracy Forward, attorney for the plaintiffs in the lawsuit brought to compel the CFPB to issue rules implementing Sec. 1071 which requires financial institutions to collect and report race, ethnicity, and other data in connection with credit applications made by women-or minority-owned and small businesses. We discuss the lawsuit’s basis, the rulemaking deadlines in the settlement and expected rulemaking timeline, and substantive issues the rules are likely to address.