1071: Sweeping changes coming to small business lending (Infographic)
View our latest infographic to see how the Small Business Lending Rule could impact your financial institution.
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.
Section 1071 of the Dodd-Frank Actrequired the Consumer Financial Protection Bureau (CFPB) to incorporate new small business data collection requirements as part of the federal Equal Credit Opportunity Act (ECOA).
On March 30, 2023, the CFPB issued its long awaited final small business lending rule ushering in new wide‑ranging impacts on commercial small business lenders.
Compliance with the new small business lending rule will be required as early as October 1, 2024 for larger institutions, with compliance required later for smaller institutions.
Get started understanding what the new small business lending rule will require and how Finastra has your back.
