Beneficial Ownership

On April 3, 2018, the Financial Crimes Enforcement Network issued a set of frequently asked questions (FAQs) regarding the customer due diligence requirements for covered financial institutions. The FAQs address the equipment finance exemption in questions 30 and 31.

• Downoad the FAQs
• The Final rule issued by FinCEN in May of 2016 regarding the customer due diligence requirements.

Financial Regulatory Reform

On July 21, 2010, President Obama signed into law the Dodd-Frank Wall Street Reform and Consumer Protection Act (P.L. 111-203), which will have important implications for the financial services industry and the equipment finance sector in particular.

ELFA and its Financial Services Regulations Subcommittee of the Legal Committee focused on key policy issues that could directly affect the equipment finance industry: (1) the scope of the proposed Consumer Financial Protection Agency and its potential impact on the small ticket market; (2) the impact of the risk retention rules on the equipment finance syndications market; (3) the impact of the risk retention rules on the equipment finance securitization market; (4) the regulation of nonbank financial institutions and captive finance companies; and (5) the impact of the Equal Credit Opportunity Act reporting provisions. ELFA's objective is to have policymakers recognize the importance of the equipment finance sector to the capital markets and draw appropriate distinctions between the commercial finance sector and other financial institutions and products.

Since its enactment, ELFA has submitted responses to proposed rules from the Executive Branch and will continue to monitor its implementation to protect the interests of the leasing and finance industry.

Credit Risk Retention:

• SEC Regulation AB Letter on Asset-Level Information Reporting (April 2014)
• Credit Risk Retention in Equipment ABS Supplemental Letter (October 2013)

Equal Credit Opportunity Act (ECOA) - Section 1071 of Dodd-Frank:

• Joint Trade Letter on Rulemaking (December 4, 2023)
• 1071 and What This Means for Your Company/Practice (ELFA Members Only)
  
• ELFA’s Comments to the Consumer Financial Protection Bureau’s (CFPB) Regarding Notice of Proposed Rule Making Implementing Section 1071 (Docket No. CFPB-202100015)
• The Proposed Rule – Small Business Lending Data Collection under the Equal Credit opportunity Act (Regulation B)
• ELFA’s Comments to the Consumer Financial Protection Bureau’s (CFPB) Regarding the Small Business Advisory Review Panel for the CFPB’s proposed rulemaking under Section 1071
• ELFA’s Comments on CFPB Notice Seeking Comment on Generic Information Collection Survey Regarding Implementation Costs of Section 1071 (Docket No. CFPB-2020-0008)
• Draft of CFPB’s Small Business Compliance Cost Survey
• ELFA’s Comments on the CFBP’s Request for Information Regarding Small Business Lending Market (Docket No. CFPB-2017-0011)
• Letter from Members of the House of Representatives on Section 1071
• Letter from Members of the Senate on Section 1071
• ECOA - Equal Credit Opportunity Act (2016)
• CFPB Actions - 2014 Regulator Agenda