Frequently asked questions about the DFA 1071 small business lending rule
Finastra has created this FAQ document to inform you about the small business lending rule's key considerations.
IMPORTANT NOTICE: We are updating our website content to align with the substantial changes from the revised final rule in May 2026. We will also be updating our SBDC solution ahead of the new universal effective date. Please check back soon for updates. If you have any questions, please reach out to your Account Executive or contact us.
LEGAL UPDATE: On November 12, 2025, the CFPB issued a proposed rule which, if finalized, will make substantial revisions to the ECOA small business lending rule. This proposal would narrow the scope of institutions and loans subject to the rule, the number small businesses subject to the rule, the number of data fields to be collected, and would propose a new universal effective data for all lenders of January 1, 2028. Finastra is continuing to monitor this proposal, as well as the ongoing litigation challenging the CFPB's original 1071 rule and will make updates to its SBDC solution as necessary.
Learn about who must comply with the rule, significant dates of which financial institutions need to be aware, and what types of clients qualify for the 1071 rule.
