Section 1071 Small Business Lending Data Collection Proposed Rule Summary
Updated 12/23/2021
This tool summarizes the CFPBâs Proposed Rule requiring small business data collection under Section 1071 of the Dodd-Frank Act. The summary discusses the key aspects Proposed Rule, which include:
The proposed definition of a covered financial institution, covered application, covered credit transaction, and small business;
The proposed requirements to collect and report data to the CFPB;
The proposed provisions regarding availability and publication of data;
The proposed requirements to limit access to certain data (i.e., the âFirewallâ provision); and
The proposed recordkeeping requirements, and effective and compliance dates.
Members Can Download This Tool
Login to Download
Not Yet a Member?
Our members enjoy:
On-demand regulatory guidance hotline â by chat, phone and email â available from anywhere, on any device â 7 am - 6 pm, M-F, Central time
Research time saved daily & weekly across forms, checklists, and trainings â for every regulation
Hours of form-building and branding of bank documents saved; in some cases, even the budget of additional staff
A sounding board for support and reassessment when institutional goals or the regulatory environment changes
Access to attorneys and compliance specialists for risk modelling and decision-making in advance of large business decisions
The knowledge that C/A was created and owned by 30 State Bankers Association to provide bank compliance services to their membership organizations
Find out how a personalized team of attorneys and compliance professionals helps build targeted compliance strategies throughout your institution when you take our Live Membership Demo.