IL HR0165

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

The Consumer Financial Protection Bureau (CFPB) is responsible for adopting and implementing regulations under Section 1071, with a letter issued April 11, 2011 stating obligations do not arise until the CFPB adopts regulations and they take effect.

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

The House urges the Consumer Financial Protection Bureau to adopt regulations implementing Section 1071 of the Dodd-Frank Act as expeditiously as possible.

Copies of this resolution are to be delivered to the Illinois Attorney General, U.S. Senate Majority and Minority Leaders, each member of the Illinois congressional delegation, and the Consumer Financial Protection Bureau.