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.

On March 1, ELFA and our co-plaintiffs filed a motion for summary judgment in the Southern District of Texas concerning our ongoing litigation challenging the final rule implementing Section 1071. See the Washington Report. (March 1)
Biden Vetoes 1071 Override, ELFA Washington Report (January 2024)
Senate votes to override CFPB small business lending rule (Oct. 18, 2023)
Press Release: ELFA Files to Join Injunction to Stop Section 1071 (Aug. 29, 2023)
On Aug. 28, ELFA filed an Unopposed Motion for Leave to Intervene and Brief in Support and Complaint in Intervention with the United States District Court Southern District of Texas, McAllen Division.
ELFA Letter to CFPB requesting that the 1071 judicial delay apply to all ELFA Members
Press Release: ELFA Asks CFPB to Apply 1071 Judicial Delay to All Members (Aug. 9, 2023)
ELFA letter to the House Financial Services Committee calling for Section 1071 of the Dodd-Frank Act to be overturned.
Press Release: ELFA Asks Congress to Overturn Section 1071 (Aug. 1, 2023)

EL&F Articles

Legal Update on Section 1071

Legal challenges and regulatory developments regarding Section 1071 of the Dodd-Frank Act.
Interpreting the Impact of the 1071 Injunction

It is fair to say that 2023 was the busiest year for action on Section 1071 since the passage of Dodd-Frank 13 years ago.

Additional Articles

CFPB Resources

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]:

1071 and What This Means for Your Company/Practice [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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Equipment Leasing and Finance Association - Equipping Business for Success

Section 1071 of Dodd-Frank

EL&F Articles

Legal Update on Section 1071

Interpreting the Impact of the 1071 Injunction

CFPB Resources

Webinar Replay

What’s New

Background on Financial Regulatory Reform

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