The Consumer Financial Protection Bureau (CFPB) Wednesday agreed to CUNA’s request to extend the comment deadline for its request for information (RFI) on the small business lending. The bureau issued its request last month, and CUNA requested the 60-day extension in several recent meetings with the CFPB.
The RFI is the pre-rule stage for implementing a section of Dodd-Frank that amends the Equal Credit Opportunity Act requiring financial institutions to compile and submit information concerning credit applications made by women-owned, minority-owned and small businesses.
CUNA has long expressed concerns over this rulemaking, concerns that it would negatively impact a credit union’s ability to operate in this space.
The delay is expected to be published in the Federal Register in the coming days, and the new comment deadline will be extended 60 days through Sept. 12.