Next Tuesday, April 21, the House Financial Services Committee will mark up Chairman French Hill’s Small LENDER Act. If enacted, this legislation would amend the Equal Credit Opportunity Act by easing compliance burdens associated with the CFPB’s Section 1071 rule under the Dodd-Frank Act.
As we continue engaging with the Bureau and anticipate final rulemaking on Section 1071, ELFA appreciates Chairman Hill’s leadership on this issue and the Committee’s prioritization of this important legislation. Senator Katie Britt introduced a companion bill (S. 2352) in the Senate last year, and we continue to monitor its progress.
This markup represents a major step forward in congressional action when addressing Section 1071 and helps ensure a more balanced and practical approach.
ELFA looks forward to the Committee’s consideration of the bill and will continue to provide updates as the Small LENDER Act advances through the House of Representatives.
Last Call - Fenig Award Nominations
Don’t forget to submit your nomination for the David H. Fenig Distinguished Service in Advocacy Award. This is your chance to recognize a fellow ELFA member who has contributed to any of ELFA’s advocacy efforts and has exhibited dedication to pushing the policy agenda forward.
Please send your nominations to Sally Cress at [email protected] by April 25.
For any questions regarding these new developments, please contact our Director of Federal Government Relations, Allyson Gale.
