In a letter to the U.S. House Financial Services Committee, the Equipment Leasing and Finance Association is calling for Section 1071 of the Dodd-Frank Act to be overturned. The letter is the latest action on Section 1071 by the association, which has proactively engaged in both the legislative and regulatory arenas to defend its members’ interests and reduce the measure’s onerous reporting regulations.

The letter calls on Congress to void the Consumer Financial Protection Bureau’s final rule implementing Section 1071. The rule will require financial institutions to collect information about credit applicants and report it to the CFPB on an annual basis along with extensive financial data associated with the application’s disposition, including extensive pricing information.

“ELFA has been working to make sure Section 1071 doesn’t make it more burdensome for our members and their customers to do business together,” said ELFA President and CEO Ralph Petta. “While a number of items ELFA advocated for were decided in our favor, regrettably the CFPB did not adopt other key suggestions. At our Capitol Connections event in May, more than 140 ELFA members met with more than 140 congressional offices to highlight the negative impacts Section 1071 will have on the $1 trillion equipment finance industry. We urge Congress to overturn this measure.”

The ELFA letter and more information on Section 1071 are available at https://www.elfaonline.org/1071.