Resources – Expert Insights, Podcasts, Webinars, and Downloadable Tools

Compliance tier Original compliance date New compliance date First filing deadline
Tier 1 institutions (highest volume lenders) October 1, 2024 July 18, 2025 June 1, 2026
Tier 2 institutions (moderate volume lenders) April 1, 2025 January 16, 2026 June 1. 2027
Tier 3 institutions (smallest volume lenders) January 1, 2026 October 18, 2026 June 1, 2027

CFPB issues an interim final rule to implement section 1071 of the Dodd-Frank Act

The CFPB is extending compliance deadlines for the small business lending rule. After the CFPB issued this rule on March 30, 2023, some lenders filed challenges against it in federal court in Texas. On July 31, 2023, that court stayed the rule for certain lenders pending the Supreme Court’s decision in CFPB v. CFSA; on October 26, it extended that stay to all lenders covered by the rule. In the event of a reversal in CFSA, the Texas court ordered the CFPB to extend the rule’s compliance deadlines to compensate for the period stayed.

The CFPB now plans to issue an interim final rule to extend compliance deadlines. As 290 days have elapsed between the July 31 order and the CFSA decision on May 16, the interim final rule will extend compliance dates. Click here to read the CFPB’s full announcement.

Download
Read More
Man werkt achter laptop met Twinfield DossierFlow
The CFPB is here to stay: What’s next for the small business lending data collection rule?
A recent U.S. Supreme Court ruling on the constitutionality of the premier consumer finance regulator has broad implications, including for new business lending-related requirements.
Read More
Front Steps and Columns of the Supreme Court
Supreme Court rules Consumer Financial Protection Bureau funding structure is legal
Read the ruling released on May 16, 2024
Read the Ruling
Small Business Lending
Project Planning Tool
The Small Business Lending Rules for Section 1071 of the Dodd-Frank Act
For covered institutions to support and assess compliance with the Consumer Financial Protection Bureau’s Small Business Lending Rules for Section 1071 of the Dodd-Frank Act (“Section 1071”).
Start Assessment
ffice Manager Working On Computer At His Desk
Small business lending data collection rulemaking – Final Guidance Released
Read the Consumer Financial Protection Bureau’s (CFPB) final regulations for the Equal Credit Opportunity Act (ECOA) made to Section 1071 of the Dodd-Frank Act – that requires financial institutions to compile, maintain, and submit to the CFPB certain data on applications for credit for certain small businesses.
Read Final Regs
A senior female executive and a coworker outside an office walking and talking discussing plans in a digital tablet
Time is running short to prepare for new data regulations
In an interview with the Scotsman Guide, Tim Burniston, senior advisor for regulatory strategy, shares his insights on preparing for the new 1071 rule.
Read More
Employees standing and discussing over a tablet in a boardroom
Regulatory expert offers initial reaction to new 1071 rule
In an interview with Dodd Frank Update, Tim Burniston, senior advisor for regulatory strategy, Wolters Kluwer, offers his initial reactions to the new 1071 rule, including what changes were made from the draft rule, what clarifications have been given, and what issues are still left unanswered.
Read More
Business people talking in meeting
Small Business Lending Under the Equal Credit Opportunity Act (“ECOA”) – Where to Start?
On March 30, 2023, the Consumer Financial Protection Bureau issued a final rule amending its regulations that implement the ECOA pursuant to Section 1071 of the Dodd-Frank Wall Street Reform and Protection Act. Now that they are here, Step 1 is to figure out if and how it impacts your institution.
Read More
Artificial Intelligence Technology.
Wolters Kluwer Compliance Solutions shares banking rules expertise, noting significant challenges ahead
Several major rules around small business lending data collection—along with modernization of the Community Reinvestment Act—will present significant operational, interpretive and resource challenges for banks as the year unfolds, says Tim Burniston.
Read More
Federal Reserve Board Amends Regulation D
Banks face avalanche of data demands ahead of CRA, CFPB final rules
The Community Reinvestment Act is on the brink of substantial reform, with a final rule expected soon and a 12-month implementation period to follow. A final rule from the Consumer Financial Protection Bureau to implement section 1071 of the Dodd-Frank Act, governing the collection and reporting of small business lending data, has a deadline of March 31.
Read More
Solutions
People working with laptop
Introducing Small Biz Wiz
Small Biz Wiz is designed to meet the data collection requirements of Section 1071 of the Dodd-Frank Act. Built on the trusted platform of CRA Wiz and HMDA Wiz, the system is easy-to-use and easy to add to a financial institution’s data collection processes. Small Biz Wiz will save time and manual efforts in collecting, reporting, and analysis.
Learn More
Advisory Conference Room
Advisory Services
Supports compliance with the Consumer Financial Protection Bureau’s Small Business Lending Rules for Section 1071 of the Dodd-Frank Act.
Wolters Kluwer offers consulting services including data preparation and file scrubs, submission support, staff training, regulatory interpretation, operational planning, Compliance Management System (CMS) oversight, and small business Fair Lending risk reviews utilizing industry proven strategies to ensure compliance with complicated regulatory requirements.
Learn More
Small Biz Wiz Product Sheet
Wiz® for CRA, HMDA, Fair Lending, Community Development, and Small Business Section 1071
Ensuring compliance. Enhancing value.
Download
Designed to meet the data collection, reporting, and analysis requirements of Section 1071 of the Dodd-Frank Act.
Small Biz Wiz®
Designed to meet the data collection, reporting, and analysis requirements of Section 1071 of the Dodd-Frank Act.
Download
Advisory Services
Advisory Services
As your financial institution focuses on understanding and implementing the new Small Business Lending Data Collection (Section 1071) compliance requirements, our experts are here to help.
Download

Contact us

Back To Top