Section 1071 resources for financial institutions
CFPB’s final rule implementing Dodd-Frank Section 1071 requires 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 100 or more covered transactions to small businesses in each of the preceding years. Below are articles, job aids, and other resources to help lenders prepare.
Partner with Abrigo for CFPB 1071 compliance
Financial institutions across the country already count on Abrigo’s small business loan origination software for a fast, digital, and compliant process. That won’t change with CFPB 1071. Banks and credit unions will have all required data fields in a borrower-facing collection form, access to pre-built reports, the ability to export for CFPB reporting, and an easy way to enforce firewalls limiting access to 1071 personal data as required.
Many lenders will require process changes to ensure compliance with the new 1071 rule. Experienced consultants with Abrigo Advisory Services can get your team up to speed on the rule, serve as your 1071 project manager, analyze the loan portfolio, help establish reporting and monitoring processes, and recommend any needed changes to current lending policies and procedures.
A description of when financial institutions must comply and what's involved
READ THE BLOG
A timeline for collecting and reporting data based on CFPB's compliance dates
GET THE INFOGRAPHIC
An on-demand webinar on the ins and outs of the final 1071 rule, with tips for lenders
ACCESS webinar RECORDING
Answers to frequently asked questions about requirements, based on the final rule
READ THE BLOG
7 Steps for lenders to prepare for 1071 compliance and reporting
GET THE LIST
A detailed description for lenders of 1071 and its implications
READ THE BLOG
Lenders can learn the history of the 1071 rule and info on firewall requirements
READ THE BLOGLatest Guidance
NEW: Small entity compliance guide
The CFPB's effort to help small entities comply with the final 1071 rule
Final rule
The full final rule on required small business lending data collection
Executive summary of the final rule
A summary of who must report what and reporting requirements
Fact sheet
CFPB's fact sheet for lenders on the Section 1071 rule
Small business lending data points
A reference tool for data points required to be collected and reported under the small business lending rule
Press release summarizing the final rule
The CFPB's press release describing key aspects of the rule
CFPB technical and regulatory support program
Submit questions on data collection and reporting obligations to the bureau's SBL Help program.
Filing instructions guide for small business lending rule
An annual CFPB guide with details on the filing process, data fields to be reported, the validation requirements for filing, etc.
Key dates for filing and reporting 1071 rule data
CFPB's chart showing who has to file when
