Section 1071 Small Business Lending Data Collection Proposed Rule Summary

Updated 12/23/2021

This tool summarizes the CFPB’s 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 “Firewall” provision); and

The proposed recordkeeping requirements, and effective and compliance dates.

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