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 March 4, 2025, the CFPB announced its intention to reissue the ECOA small business lending (“1071”) rule. Existing effective dates are expected to be paused until such revised rule is issued. A revised rule is still expected to include statutorily required elements from Section 1071 of the Dodd-Frank Act including the requirement to collect mandated data including demographic information, the requirement to firewall demographic information and to report data annually to the CFPB. Finastra will continue to monitor rulemaking activity by the CFPB and will provide updates.
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.
