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. You might also like this one-page summary of key dates and deadlines for complying with the 1071 rule.

Credit Unions 78

Credit Unions Credit and Collections Transactions Small Businesses 78

Biz2X

FEBRUARY 27, 2024

Reading Time: 3 minutes In March 2023, the Consumer Financial Protection Bureau (CFPB) released its latest rule implementing Section 1071 of the Dodd-Frank Act, marking a significant development in small business lending regulation.  Lenders that originate at least 100 loans annually must begin collecting data starting January 1, 2026.

Credit and Collections 52

Credit and Collections Credit Unions Small Businesses Credit Application 52

Biz2X

NOVEMBER 20, 2023

Reading Time: 4 minutes The finalization of the CFPB 1071 rule of the Dodd-Frank Act on March 30, 2023, marked a pivotal shift in the financial industry, particularly in the realm of small business lending. Financial institutions are permitted to rely on an applicant’s representation for this determination.

Credit and Collections 52

Credit and Collections Transactions Small Businesses Credit Application 52

Biz2X

NOVEMBER 20, 2023

Reading Time: 4 minutes The finalization of the CFPB 1071 rule of the Dodd-Frank Act on March 30, 2023, marked a pivotal shift in the financial industry, particularly in the realm of small business lending. Financial institutions are permitted to rely on an applicant’s representation for this determination.

Credit and Collections 52

Credit and Collections Transactions Small Businesses Credit Application 52