IL HR0156

Section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, enacted July 21, 2010 and effective July 21, 2011, requires financial institutions to collect and report information on credit applications from women-owned, minority-owned, and small businesses.

The Consumer Protection and Financial Bureau (CFPB) is responsible for adopting and implementing regulations under Section 1071, and issued a letter on April 11, 2011 stating that financial institutions have no obligations until the CFPB adopts regulations and they take effect.

Illinois recognizes the importance of data collection and reporting under Section 1071 for improving fair lending oversight and understanding whether the credit needs of women-owned, minority-owned, and small businesses are being met.

The Illinois House of Representatives urges the CFPB to adopt regulations to implement Section 1071 as expeditiously as possible.

Copies of the resolution shall be delivered to the Illinois Attorney General, U.S. Senate leadership, Illinois congressional delegation members, and the CFPB.