Q: Section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act is effective on the transfer date for the Consumer Financial Protection Bureau (CFPB), which is July 21, 2011. Does this mean that the small business data requirements in §1071 of the act are effective on this date as well? In what reporting year will the new regulations take effect?
A: Although §1071 is effective on the designated transfer date of July 21, 2011, this section of the act also explains that the CFPB has responsibility for prescribing rules and issuing guidance for implementing the small business data collection requirements. Therefore, the act's new small business data collection requirements will not begin until the CFPB publishes final implementing regulations, which will identify an effective date. The CFPB published a letter discussing this issue, which is available online.
This can be found in - CRA FAQ#11 of the FAQs. The Federal Reserve Board FAQs can be found at: https://consumercomplianceoutlook.org/2011/second-quarter/hmda-and-cra-data-reporting/