Section 1071 resources for financial institutions
CFPB’s final rule implementing Dodd-Frank Section 1071 will require new, extended data collection and reporting by financial institutions and others on small business applications for credit. Find out what you need to know to ensure your bank or credit union is ready for examiners.
The CFPB’s small business data collection rule will prompt the most significant effort of data gathering and reporting by banks and credit unions in nearly 50 years. Every creditor must prepare for the new rule if they originated 25 or more covered transactions to small businesses in each of the previous two calendar years.
Stay up-to-date on 1071
Latest Guidance
Proposed data points for small business lending data collection
Summarizes data points FIs would be required to collect and report on for small business applications under the proposed regulation.
Small business lending data collection rulemaking
A notice of the proposed rulemaking and a timeline of important events related to the rulemaking process.
Summary of Proposed Rulemaking: Small Business Lending Data Collection
Key aspects of the proposed small business lending data collection rule.
Proposed Rule: Small Business Lending Data Collection Under the Equal Credit Opportunity Act
The full proposed rule by the CFPB as published in the Federal Register.
CFPB agrees to 2023 deadline for Section 1071 final rule
Why the final rule for Section 1071 is expected by spring from the CFPB.
Partner through changes
Financial institutions across the country count on Abrigo’s small business loan origination software to ensure a fast, digital, and compliant process. That won’t change with the introduction of CFPB 1071. We are committed to ensuring our software complies with the final rule to continue helping lenders streamline their small business lending processes.
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