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Comply with section 1071: Info for lenders

CFPB 1071 – Compliance resources

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Section 1071 resources for financial institutions

Guidance for the CFPB 1071 final rule

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.  

 

NEW ABRIGO RESOURCES | UPDATED CFPB RESOURCES

 

Tackle 1071 with Abrigo

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.

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CFPB 1071 Readiness Survey
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Latest resources for
CFPB small business data collection

Abrigo Document

CFPB 1071 Rule: Checklist for compliance success

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abrigo blog

How to prepare for CFPB's Section 1071 rule

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Abrigo whitepaper

Dodd/Frank-CFPB small business lending data collection rule

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Latest Guidance

Industry and Consumer Financial Protection Bureau resources on the 1071 rule

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.

Abrigo is Here to Help
Ensure compliance with section 1071
with our industry-leading software and advisory services.

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Partner through changes

Ensure confidence in your small business lending compliance efforts

Abrigo Small Business Lending

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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"The coming enactment of Section 1071 will be among the most impactful regulations in the business lending world in recent memory, with legal, reputational, operational, and cultural implications.”

David O’Connell, Aite-Novarica in “Section 1071 and SMB Lending” report

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