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The CFPB section 1071 effective date

Abrigo

CFPB intends the data collected by lenders on each small business credit application to shed light on potential disparate treatment in loan terms, especially related to minority-owned small business applicants, including women-owned small businesses.

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Preparing for Section 1071

Abrigo

What banks need to know as the CFPB gets closer to its final rule Banks, credit unions, and other creditors may be required to collect more data for each application under a new rule. You might also like this webinar: "Fortify Your Loan Policy to Effectively Manage Credit Risk." CECL Regulation. Lending Regulation.