On March 30, 2023, the Consumer Financial Protection Bureau (CFPB) released its final rule implementing Section 1071 of Dodd-Frank. Both documents and other supporting materials can be found on the CFPB website.
The rule will require financial institutions to collect information about credit applicants and report it to the CFPB on an annual basis along with extensive financial information associated with the application’s disposition including extensive
pricing information. The timeframe for implementation is staggered based on the institution’s volume of annual originations.
ELFA will be active in both the legislative and regulatory arenas on this matter and will provide information to help ELFA members get ready for the rule before their applicable compliance deadline arrives.