Section 1071 Small Business Lending Data Collection Proposed Rule Summary
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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