Piling on comments, using your own words, is an effective way of magnifying these concerns with the Bureau. Also note that Chopra himself seems concerned about the impact on small lenders (the threshold for mandatory data collection and reporting is ridiculously low in the proposal). The proposal is huge and the comment period too short. The fact that the Bureau backpedaled on getting the proposal out until it was sued should not be an excuse for creating havoc in the industry. The law, after all, was passed in 2010.

Anyone have an update on this topic?
I know the comment period closed in January.
I've been to several different sources for an update, but not finding anything.

Status Quo: https://www.consumerfinance.gov/1071-rule/

https://www.reginfo.gov/public/do/eAgendaViewRule?pubId=202110&RIN=3170-AA09

You likely will not hear any update until such time as the CFPB issues the final rule to implement, which I expect will occur sometime before June 30, 2022 with an effective date of Jan 1, 2024. That said, I have no special insights that lead me to that expectation - just a logical analysis from the CFPB's stated desire to have the rule go into effect at the beginning of a calendar year and their stated plan to have an 18-month implementation timeline for the rule. I hope I'm wrong. I hope that they listen to the numerous comments I know they received that said an 18-month timeline was not enough and they put in at least a 2-year timeline, which could allow them to wait until Dec of this year to issue a final rule that would go into effect in Jan 2025. But knowing the CFPB's desire to get this data sooner rather than later, I think that is an overly optimistic hope. Just my two cents.

From your lips to God's ears, my friend!!

Well.. time for guesses. Anyone think it'll happen this month for a 1/1/24 requirement?

I read somewhere that the CFPB was looking to a mid-year implementation.

Looks like they are now looking at a final rule around March 2023: https://www.reginfo.gov/public/do/eAgendaViewRule?pubId=202204&RIN=3170-AA09

Does this affect consumer deposit transaction accounts? Someone said that to me and I was skeptical. How could I have been so far off the mark?

Maybe whoever is telling you this should actually read it and then provide you with the citations.

Congress enacted section 1071 for the purpose of:

1. Facilitating enforcement of fair lending laws

2. Enabling communities, governmental entities, and creditors to identify business and community development needs and opportunities for women-owned, minority-owned, and small businesses

Maybe whoever told you it affects deposit accounts was thinking of the revisions to the CFPB UDAAP exam manual?

I agree with inFairness that this could be a reference to the CFPB's new approach to look for discrimination, even when fair lending rules don't apply (i.e. deposit accounts). Here is the CFPB's release explaining this: https://www.consumerfinance.gov/abo...fair-discrimination-in-consumer-finance/

That is quite separate from the CFPB's efforts to get a regulation in place to implement section 1071 of the Dodd-Frank Act.

What is everyone thinking about timeline? Possibly a 3/2023 final rule - with 18-month implementation period?

https://www.consumerfinancemonitor....ection-1071-final-rule-by-march-31-2023/

Unless the CFPB wants to be in contempt of court, then yes, we will see something by March 31st.

"Unless the CFPB wants to be in contempt of court . . ."

Based on their actions in recent years, you have to wonder if they are really concerned about this. (Wait, did I say that out loud?)

The date listed on the final rule is "01/00/2023". Wonder if it will be coming out within a few days - my guess is the 6th...which may be full moon? **SpooOOOOooky**