as written, section 1071 adds extensive new application requirements to the ecoa. these requirements are offered by and monitored through the cfpb. while they do not operate a bank, under the definitions listed within the new law, i am considered a financial institution because i have an application for credit for my customers. in my opinion, small business data collection provision is contradictory, costly, and confusing. it's counterproductive that it was created with the expectation that they find more options for information in obtaining a loan, but now is intended to regulate loans and lenders. section 1071 is contradictory that the language conflicts with existing language already in the books. my understanding is that section 202.5 of regulation b under the ecoa says a creditor shall not inquire about the race, color, religion, national origin, or sex of the applicant. the personal information should have no basis in determines whether or not someone receives a truck from fleming national lease. this could cause a strain on my bottom line. according to secti