Complete Compliance, Inc. (CCI)

Is this the end of 1071? The question everyone has had since the election is, what will happen now? Clarity has been slow since January 20th, as many thought that CFPB Director Chopra would be gone day one. Yesterday, it was widely reported that the CFPB was pausing it's litigation efforts as everything was put under review (coming with the news that Director Chopra had left the agency over the weekend). This included the current case they were defending against 1071. There is still a hefty dose of uncertainty, even with the introduction of this legislation. I will say that many analysts have reported that legislation is the only true way to stop 1071, as it is part of a law and another law is the only way to repeal it. Given all of this uncertainty, and the fact that the first deadline is fast approaching, I think that we'll at the very least see an extension of implementation. Also, since there has historically been at least some bi-partisan support for repealing 1071, there is a fairly good chance this passes. "Section 1071 of Dodd-Frank requires the Consumer Financial Protection Bureau to make a small business lending data collection rule. After considerable delay, the?bureau finalized?its small-business data-collection rule in 2023. The new bill would both repeal 1071 and do away with data-collection obligations associated with the rule." "The bill has the support of banking groups, including the Independent Community Bankers of America, the American Bankers Association and the Mortgage Bankers Association, as well as other groups like the Texas Bankers Association and the National Federation of Independent Business." "The CFPB final rule on 1071 was meant to make lenders begin collecting data on how many applicants are approved or denied small-business loans, including the cost of credit as well as geographic and demographic details about the borrowers. The rule was slated to go into effect in 2024 but was immediately met with criticism and?legal action?from the banking industry." "The Senate?voted in favor of the resolution?to nullify the CFPB's rule in a 53-44 vote. That vote included all Republicans, as well as three Democrats: Jon Tester of Montana, John Hickenlooper of Colorado and Joe Manchin of West Virginia. The resolution was later vetoed by then-President Joe Biden."? #banks #creditunions #CFPB #1071 #smallbusinesslending https://lnkd.in/gVRTHUeD

????? Time for another #FraudFree tip in honor of #IdentityTheftAwarenessWeek! One thing to be aware of is synthetic identity fraud. ? Synthetic identity fraud occurs when criminals use stolen personal information to fabricate a person or entity for personal or financial gain. ?? Fraudsters often target children's Social Security numbers (SSNs) in synthetic identity creation. This could prevent the child’s future ability to obtain employment; acquire services such as student loans, housing, phone service, and utilities; or secure a general credit line or bank account. ?? Keep your children’s sensitive documents such as SSN cards, birth certificates and medical records in a safe and secure location. Avoid sharing too much information about your child, both online and in person. Fraudsters always look for general information about minors, so they can expose and obtain their personal information.

January is Human Trafficking Awareness Month. Human trafficking affects communities across Nebraska, from small towns to urban areas. The banking industry is leading the HALT Human Trafficking Fund, a statewide grant fund to prevent trafficking and protect vulnerable individuals. Together, we can help stop this crime and build safer communities across our state. Learn more: https://haltfund.org/

Today, the Consumer Financial Protection Bureau released new recommendations on how states can update their laws and regulations to ensure they meet new consumer protection challenges.