Hi ,

The deadline to submit comments on the Consumer Financial Protection Bureau’s (CFPB) Advance Notice of Proposed Rulemaking (ANPR) on Section 1071 Small Business Lending Data Collection is fast approaching  -- Thursday, January 6, at 11:59 pm ET.

NCRC has a saying that “Data drives the movement for economic justice.” Racial and gender disparities in wealth and small business ownership are more likely to be narrowed only if the public has data on the current state of small business lending. The data is critical to work with lending institutions to address racial and gender gaps in lending. 

We hope you can submit a comment to reflect your unique perspective on this critical consumer protection and financial data rule. We've created a pair of sample comments to help you with your comment, and instructions to guide you through the submission process.

The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 included Section 1071, which mandated the collection and dissemination of data on applicants for loans to small businesses and women- and minority-owned firms. The Consumer Financial Protection Bureau (CFPB) was designated to collect the data. The statutory purpose of the data is to aid in the enforcement of fair lending laws and to assess whether the needs of the businesses targeted by the law are being met.

NCRC provided data and policy recommendations that were used to create Dodd-Frank in 2010, and, despite years of delays, has long advocated for the implementation of section 1071, which finally took shape in September 2021 with a notice of proposed rulemaking.

If you have any questions about the comment letter or submitting a comment, feel free to contact Joe Reed at [email protected] or Josh Silver at j[email protected].

Team NCRC