Comments on Outline of Proposals Under Consideration and Alternatives Considered for Section 1071 of the Dodd-Frank Act Governing Small Business Lending Data Collection and Reporting

In September, SFNet  issued an alert pertaining to CFPB Section 1071, requesting members respond to CFPB’s invitation to comment by December 14th.  The measure could prove to be unduly burdensome to the vast majority of small and mid-sized finance companies that provide credit to small businesses. With the assistance of SFNet members serving on the 1071 Subcommittee, SFNet has submitted a comment letter requesting specific exemptions for relevant asset classes. Special thanks to Brett Garver and Julia Gavrilov of Moritt Hock & Hamroff and Jon Helfat of Otterbourg for their time and expertise.

Please click here to view the comment letter.