The Dodd-Frank Act, section 1071, amended the Equal Credit Opportunity Act (ECOA) by requiring institutions to report information concerning credit applications made by women-owned, minority-owned, and small businesses. The purpose of collecting this information, according to Congress in section 1071, is to “facilitate 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 CFPB seeks comments to enhance its understanding of the small business lending market. This will assist the CFPB in prioritizing and helping steer research and policy development and explore ways to implement section 1071 in a balanced manner. The details of the request for information may be found here. Comments must be received on or before July 14, 2017.