The Consumer Financial Protection Bureau (CFPB) announced an extension of the deadline for financial institutions to complete the Section 1071 One-Time Cost Survey through Oct. 16. CUNA is strongly encouraging credit unions to fill the survey out so the CFPB has the necessary information on credit union lending.
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.
To assist the process the CFPB is conducting a survey of institutions offering small business credit products to determine potential one-time costs associated with complying with a small business data collection.
The delay is due to the release of the CFPB’s Outline of Proposals Under Consideration for its small business data collection rulemaking pursuant to Section 1071 of the Dodd-Frank Act.