ELFA - Equipment Leasing and Finance Association - Equipping Business for Success

Section 1071 of Dodd-Frank

Resources to prepare for new data collection and reporting requirements for financial institutions.

ELFA Wins Nationwide Relief from Section 1071 for Equipment Finance Industry
In a major victory for ELFA members and the entire equipment finance industry, on Oct. 26 the U.S. District Court for the Southern District of Texas issued a nationwide injunction delaying implementation of Section 1071 for all covered financial institutions. This action is in direct response to the efforts of ELFA and the other parties that intervened in the case in recent months. Functionally this means that the deadlines for compliance with Section 1071 are delayed by approximately 10 months for all ELFA member companies. Read more.

Order Granting Intervenors’ Motions for Preliminary Injunction.

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Webinar Replay

In this June 21, 2023, webinar from the ELFA Service Provider Business Council Steering Committee, find out the data requirements and formats you need to know. Download the Slide Deck and read takeaways from the webinar

View this session from the 2023 ELFA Legal Forum [Members Only]:

What’s New

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.

Background on 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. 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.

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