The Consumer Financial Protection Bureau (CFPB) is conducting a survey of institutions offering small business credit products to determine potential one-time costs associated with complying with Section 1071 of the Dodd Frank Act. The survey is available on the CFPB’s website and will remain open until Oct. 1.
Section 1071 requires financial institutions to compile, maintain, and report to the bureau certain information about applications for credit made by women-owned, minority-owned, and small businesses.