ELFA statement on Final Section 1071 Rulemaking

The Equipment Leasing & Finance Association (ELFA) President and CEO Leigh Lytle released the following statement today in response to the Consumer Financial Protection Bureau's (CFPB) final ruling on Section 1071 small business data collection requirements:

"ELFA thanks the Administration and CFPB for advancing the Section 1071 rule to completion. This final rule demonstrates significant progress to providing clarity for the equipment finance industry and creating a practical regulatory framework. The original rulemaking would have imposed significant burdens on the $1.3 trillion equipment finance sector, hampering access to credit for small businesses across America. We appreciate the engagement with the Bureau throughout the rulemaking process and look forward to continued work during implementation."