CFPB rules implementing Section 1071 of Dodd-Frank can shift how lenders view small business data collection. Ready your organization for compliance.
Federal rules can take time to implement, but financial services organizations should proactively evaluate how to meet Section 1071, an important requirement for small business lending data collection.
On March 30, 2023, the Consumer Financial Protection Bureau (CFPB) issued a final rule for the implementation of Section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank). Organizations must position themselves to meet the requirements of the CFPB’s final rule according to its timetables.