INDUSTRY U P DAT E S
Rule 1071
is in Need of Changes by U.S. Rep. French Hill
T
he Consumer Financial Protection Bureau (CFPB) is moving forward with a rulemaking that should concern small banks and lenders across Arkansas.
30 • FALL 2022
The CFPB, under the leadership of Chairman Rohit Chopra, is working on a small business data collection rule, commonly referred to as “Rule 1071,” that will require lenders to collect and report data on credit applicants. While the rulemaking’s intent has
