Small Business Data Reporting, Section 1071 Final Rules

On March 30, 2023, the Consumer Financial Protection Bureau (CFPB) issued the Small Business Lending Rule under the Equal Credit Opportunity Act (Regulation B) rule, which implements the small business lending data collection requirements set forth in Section 1071 of the Dodd-Frank Act (Section 1071). The final rule amends Regulation B to require covered financial institutions to collect and report certain data about covered applications from small businesses and allows for the creation of the first comprehensive public database that covers small business lending practices.

The session delves into the final rule and what your institution needs to know to ease the regulatory burden and make the implementation process as smooth as possible.