CBA 1071 Implementation Letter to CFPB

Dear Director Chopra:

As the financial services industry awaits the finalization of the Bureau’s rulemaking for Small Business Lending Data Collection under the Equal Credit Opportunity Act (“the Section 1071 Rule”), the Consumer Bankers Association (CBA)1 requests that the Bureau immediately, upon the publication of a final Section 1071 Rule, establish industry-wide working groups and channels to facilitate proper implementation. CBA supports the goals of the Section 1071 Rule to protect and expand access to credit for small businesses and underserved communities and wants to minimize operational challenges to facilitate effective and timely implementation of the Rule.

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