Section 1071 of the Dodd-Frank Act - Small Business Lending Data Collection

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.

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.

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.

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.

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