Abrigo

MAY 30, 2023

Timelines for small business loan data collection and reporting Deadlines for complying with the new CFPB section 1071 rule requirements for financial institutions to collect data on small business loan activities. Takeaway 3 The earliest deadline requires financial institutions to begin collecting data Oct.

Credit Unions 78

Credit Unions Credit and Collections Transactions Small Businesses 78

Biz2X

FEBRUARY 27, 2024

This rule requires financial institutions to collect and provide data on lending to small businesses, aiming to enhance transparency, accountability, and fair lending practices. Larger lenders are required to collect and report data earlier, with thresholds set to ensure comprehensive coverage.

Credit and Collections 52

Credit and Collections Credit Unions Small Businesses Credit Application 52

Biz2X

NOVEMBER 20, 2023

Understanding CFPB 1071 CFPB 1071 amends the Equal Credit Opportunity Act (ECOA) to mandate data collection and reporting concerning business credit applications to the CFPB. Transactional Coverage Covered transactions include loans, lines of credit, credit cards, merchant cash advances, and other credit products.

Credit and Collections 52

Credit and Collections Transactions Small Businesses Credit Application 52

Biz2X

NOVEMBER 20, 2023

Understanding CFPB 1071 CFPB 1071 amends the Equal Credit Opportunity Act (ECOA) to mandate data collection and reporting concerning business credit applications to the CFPB. Transactional Coverage Covered transactions include loans, lines of credit, credit cards, merchant cash advances, and other credit products.

Credit and Collections 52

Credit and Collections Transactions Small Businesses Credit Application 52