HR0156LRB098 11360 MGM 42848 r

1
HOUSE RESOLUTION

 
2    WHEREAS, Section 1071 of the Dodd-Frank Wall Street Reform
3and Consumer Protection Act was enacted into federal law on
4July 21, 2010 and became effective on July 21, 2011, requiring
5financial institutions to collect and report information
6regarding credit applications from women-owned businesses,
7minority-owned businesses, and small businesses; and
 
8    WHEREAS, Section 1071 of the Dodd-Frank Wall Street Reform
9and Consumer Protection Act assigns the Consumer Protection and
10Financial Bureau (CPFB) the responsibility to adopt and
11implement regulations, and the CPFB issued a letter on April
1211, 2011 to the chief executive officers of financial
13institutions covered under Section 1071 of the Dodd-Frank Wall
14Street Reform and Consumer Protection Act advising them that
15obligations do not arise under Section 1071 until the CPFB
16adopts regulations and those regulations take effect; and
 
17    WHEREAS, The State of Illinois recognizes the importance of
18data collection and reporting under Section 1071 of the
19Dodd-Frank Wall Street Reform and Consumer Protection Act in
20improving fair lending oversight and an understanding of the
21extent to which the credit needs of women-owned businesses,
22minority-owned businesses, and small businesses are being met
23by our financial institutions; therefore, be it
 

 

 

HR0156- 2 -LRB098 11360 MGM 42848 r

1    RESOLVED, BY THE HOUSE OF REPRESENTATIVES OF THE
2NINETY-EIGHTH GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, that
3we urge the Consumer Protection and Financial Bureau to adopt
4regulations to implement Section 1071 of the Dodd-Frank Wall
5Street Reform and Consumer Protection Act as expeditiously as
6possible; and be it further
 
7    RESOLVED, That suitable copies of this resolution be
8delivered to the Illinois Attorney General, to the House
9Majority Leader and House Minority Leader of the United States
10Senate, to each member of the Illinois congressional
11delegation, and to the Consumer Protection and Financial
12Bureau.