On September 1, 2021, the Consumer Financial Protection Bureau issued a notice of proposed rulemaking inviting public comment on its proposed rule implementing section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Section 1071 amended the Equal Credit Opportunity Act to require financial institutions to collect and report information concerning credit applications made by “women-owned, minority-owned, or small business[es].” Under the proposal, financial institutions would be required to collect and report section 1071 data regarding all applications for credit by small businesses, including those that are owned by women and minorities, but not regarding applications for credit by women-owned and minority-owned businesses that are not small.