On 3/30/23, the CFPB released the long anticipated rule that implements section 1071 of the Dodd-Frank Act. This rule will require certain lenders to report information about the small business credit applications they receive, including geographic and demographic data, lending decisions, and the price of credit. As you would expect, we are working on a number of resources to assist our members in understanding if this rule applies to them and, if so, help them implement this rule within their organizations.
1071 Resources for Compliance Professionals
To support our members in understanding this new rule, we will be offering a number of resources (some free and some for sale). At this point, we plan to provide the following assistance:
1071 Overview. Available now and free to anyone, we have created a brief overview of the 1071 final rule. This overview provides our initial thoughts on the final rule and explains a few of the high level elements of the rule, such as implementation dates and who this rule will apply to. You can view our 1071 overview page by clicking here.
Email Updates. We will be sending occasional email updates to our basic (free) members to keep them informed of 1071 information as we feel it should be shared.
CLASS: Introduction to the 1071 Final Rule. By mid April, we plan to release a new class: Introduction to the 1071 Final Rule. This program will provide an overview of the new rule by helping attendees understand who must comply with the new rule, when reporting must begin, what data must be reported (general overview), and what steps need to be taken to start implementing the new rule.
SCHOOL: 1071 School. Over the next few months, we will be working to create a comprehensive 1071 school that will help institutions subject to the new rule learn the ins and outs of what they need to do in their shops to comply with the final rule.
Join our Wait List
If you would like to receive information on the resources that we create relating to the 1071 final rule, click the following link to join our 1071 wait list.