Demystifying the CFPB’s 1071 small business lending rule
Join two of Finastra’s in-house compliance experts (Geoffrey Schroder and Mike Fowdy) as they provide an overview of the in’s and out’s of the 1071 small business lending rule, and how it will impact your institution.
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LEGAL UPDATE: On February 7, 2025, the Fifth Circuit Court of Appeals issued an Order pausing the mandatory effective dates of the final 1071 rule. The Court's Order also provides that effective dates must be extended for the time this stay is in place. This stay and tolling by the Court only applies to the parties to the underlying case and their members. While this order delays the effective dates of the 1071 final rule, it does not modify or eliminate the 1071 final rule itself. That remains pending the outcome of the appeal to the Fifth Circuit.
On March 30th the CFPB issued the long awaited ECOA small business lending rule implementing the requirements of Section 1071 of the Dodd-Frank Act. This final rule will dramatically impact small business lenders and will go into effect as early as October 2024 for some larger lenders. Join two of Finastra’s in-house compliance experts - Geoffrey Schroder and Mike Fowdy - as they provide an overview of the in’s and out’s of this small business lending rule and how it will impact your institution.
During this 60-minute webinar we will cover:
- The essential elements of the 1071 small business lending rule, including details around required data collection, reuse, firewalling and reporting, along with new required applicant disclosures.
- Examine some of the potential pitfalls and opportunities available to your institution posed by this new rule.
- Start to learn about Finastra’s plans to assist you in complying with all aspects of the final small business lending rule.
