HR0156 98TH GENERAL ASSEMBLY

HR0156 LRB098 11360 MGM 42848 r

HOUSE RESOLUTION

WHEREAS, Section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act was enacted into federal law on July 21, 2010 and became effective on July 21, 2011, requiring financial institutions to collect and report information regarding credit applications from women-owned businesses, minority-owned businesses, and small businesses; and

WHEREAS, Section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act assigns the Consumer Protection and Financial Bureau (CPFB) the responsibility to adopt and implement regulations, and the CPFB issued a letter on April 11, 2011 to the chief executive officers of financial institutions covered under Section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act advising them that obligations do not arise under Section 1071 until the CPFB adopts regulations and those regulations take effect; and

WHEREAS, The State of Illinois recognizes the importance of data collection and reporting under Section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act in improving fair lending oversight and an understanding of the extent to which the credit needs of women-owned businesses, minority-owned businesses, and small businesses are being met by our financial institutions; therefore, be it

RESOLVED, BY THE HOUSE OF REPRESENTATIVES OF THE NINETY-EIGHTH GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, that we urge the Consumer Protection and Financial Bureau to adopt regulations to implement Section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act as expeditiously as possible; and be it further

RESOLVED, That suitable copies of this resolution be delivered to the Illinois Attorney General, to the House Majority Leader and House Minority Leader of the United States Senate, to each member of the Illinois congressional delegation, and to the Consumer Protection and Financial Bureau.