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#1699734 - 05/15/12 05:34 PM Sec 1071 Reporting requirements under ECOA
Soccer Offline
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For purposes of sec 1071 of DF, reporting requirements for small business and minority and women owned businesses; What is the current definition of "small business" I have searched and read the SBA and I am not sure exactly where the line is. Can anyone direct me to where I can find further clarification?
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#1699778 - 05/15/12 06:16 PM Re: Sec 1071 Reporting requirements under ECOA Soccer
John Burnett Offline
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The definition of "small business" for the purposes of section 704B of the ECOA (as added by section 1071 of DFA) is included in subjection 704B(h). It is the "same meaning as the term 'small business concern' in section 3 of the Small Business Act (15 USC 632)." At 15 USC 632 you'll find the rather long definition of "small business concern" in subsection (a) - Criteria. It's subject to further definition by the Administrator (of the SBA). The SBA has established size criteria for small business concerns at 13 CFR 121.201.

I presume that the Bureau will point to 15 USC 632(a) and 13 CFR 121.201 for its definition of "small business" when it issues final rules amending Regulation B to implement section 704B of ECOA. In general, the size standards say it's a business with annual receipts of under $750,000.

Although the language of the DFA makes section 1071 effective on the transfer date, it can't be enforced until after implementing rules are issued.
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#1699782 - 05/15/12 06:19 PM Re: Sec 1071 Reporting requirements under ECOA Soccer
Bullseye Offline
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I have been reading about it a little and wonder if there is a big difference between this and the data that is collected under CRA (less small farms of course)?

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#1897871 - 02/18/14 05:58 PM Re: Sec 1071 Reporting requirements under ECOA Soccer
VolFan Offline
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Has CFBP issued the rules to implement section 704B of ECOA? If so, what is the effective date? Thanks!

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#1898042 - 02/18/14 10:38 PM Re: Sec 1071 Reporting requirements under ECOA VolFan
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Not yet. The CFPB's Fall 2013 regulatory agenda has no date for when they will act on this. http://www.reginfo.gov/public/do/eAgendaViewRule?pubId=201310&RIN=3170-AA09

Had you seen this 2011 guidance from the CFPB? http://files.consumerfinance.gov/f/2011/04/GC-letter-re-1071.pdf
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#1898148 - 02/19/14 04:21 PM Re: Sec 1071 Reporting requirements under ECOA Soccer
VolFan Offline
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Thanks so much for the information.

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#1904879 - 03/13/14 02:14 PM Re: Sec 1071 Reporting requirements under ECOA Soccer
1 Peter 5:7 Offline
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Does anyone have any updated information (or heard any rumors) on the publication of 1071 proposed rules? At one time I heard that the same team at CFPB working on the QM rules were to then work on the 1071 prposed rules, so there could now be some movement over there internally. Thanks all.
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#1904900 - 03/13/14 02:31 PM Re: Sec 1071 Reporting requirements under ECOA Soccer
rlcarey Offline
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Not yet
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#1913616 - 04/10/14 08:28 PM Re: Sec 1071 Reporting requirements under ECOA rlcarey
1 Peter 5:7 Offline
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I'm curious if anyone was in New York and heard the unnamed CFPB representative say what was reported in this blog.

BTW, he/she is reprted saying no 1071 regs this year.
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#1926995 - 05/28/14 02:40 PM Re: Sec 1071 Reporting requirements under ECOA 1 Peter 5:7
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The CFPB just posted their Spring 2014 semi-annual regulatory agenda. There is a separate section that addresses current long term actions. The Reg. B rule still shows underdetermined as to when they will take action on this. It seems the speaker your post referenced was correct. http://www.reginfo.gov/public/do/eAgendaViewRule?pubId=201404&RIN=3170-AA09
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#2112040 - 12/23/16 04:26 PM Re: Sec 1071 Reporting requirements under ECOA Soccer
TryingtoComply Offline
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Does anyone think that the Trump presidency will have any effect on this or can we expect proposed regulations in 2017?
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#2112115 - 12/23/16 09:15 PM Re: Sec 1071 Reporting requirements under ECOA Soccer
rlcarey Offline
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Hard to say. Might not matter after the nuclear war with China smile
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#2112624 - 12/30/16 04:33 AM Re: Sec 1071 Reporting requirements under ECOA TryingtoComply
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The CFPB's Fall 2016 regulatory agenda indicates that they expect to conduct pre-rule activities around March 2017. https://www.reginfo.gov/public/do/eAgendaViewRule?pubId=201610&RIN=3170-AA09

I think we will have to see what happens when the new Trump administration is in place.
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