CFPB’s final rule implementing Dodd-Frank section 1071 requires new, extended data collection and reporting by financial institutions and others on small business credit applications. Find out what you need to know to ensure your bank or credit union is ready for examiners.
Section 1071 resources for financial institutions
Guidance for the CFPB 1071 final rule
Tackle 1071 with Abrigo
The CFPB’s small business data collection rule will prompt the most significant effort of data gathering and reporting by banks and credit unions in nearly 50 years. Every creditor must prepare for the new rule if they originated 100 or more loans to small businesses in each of the preceding years. Below are articles, job aids, and other resources to help lenders prepare.
Partner with Abrigo for CFPB 1071 compliance
Ensure confidence in your small business lending compliance efforts with Abrigo
Small business lending software
Financial institutions across the country already count on Abrigo’s small business loan origination software for a fast, digital, and compliant process. That won’t change with CFPB 1071. With Abrigo, banks and credit unions will have all the required data fields in a borrower-facing collection form, access to pre-built reports, the ability to export for CFPB reporting, and an easy way to enforce firewalls limiting access to 1071 personal data as required.
Consulting and expert assistance
Many lenders will require process changes to ensure compliance with the new 1071 rule. Experienced consultants with Abrigo Advisory Services can get your team up to speed on the rule, serve as your 1071 project manager, analyze the loan portfolio, help establish reporting and monitoring processes, and recommend any needed changes to current lending policies and procedures.
Resources for CFPB small business data collection
Abrigo provides complimentary 1071 resources to help lenders navigate Section 1071. Experts providing our educational webinars are regular speakers at state, regional, and national conferences, as well as other forums. Based on their expertise and ongoing work with banks and credit unions, they share best practices and new developments via whitepapers, infographics, and FAQ blogs. We've been helping financial institutions understand and prepare for this effort since 2017.
How to prepare for CFPB's Section 1071 rule: Lender steps to start now
Lenders have plenty of work to do to be ready, despite outlying deadlines.
READ THE BLOG
CFPB 1071 podcast - What, when and where to start
An overview of the lending rule’s main elements and some compliance first steps.
LISTEN to the podcast
Effective dates and deadlines for CFPB's new 1071 rule
A description of when financial institutions must comply and what's involved
READ THE BLOG
One-pager of CFPB deadlines and a timeline for compliance.
An updated timeline for collecting and reporting data based on CFPB's compliance dates
GET THE INFOGRAPHIC
Understanding the impact of CFPB 1071 rule on SMB lending
An on-demand webinar on the ins and outs of the final 1071 rule, with tips for lenders
ACCESS webinar RECORDING
FAQs: CFPB small business data collection info for lenders
Answers to frequently asked questions about requirements, based on the final rule
READ THE BLOG
CFPB 1071 Rule: Checklist for compliance success
7 Steps for lenders to prepare for 1071 compliance and reporting
GET THE LIST
Dodd/Frank-CFPB small business lending data collection rule
A detailed description for lenders of 1071 and its implications
READ THE BLOG "The coming enactment of Section 1071 will be among the most impactful regulations in the business lending world in recent memory, with legal, reputational, operational, and cultural implications.”
David O’Connell, Aite-Novarica in “Section 1071 and SMB Lending” report
get prepared
Latest Guidance
Industry and Consumer Financial Protection Bureau resources on the 1071 rule
Compliance date extensions (June 2024)
The CFPB is extending compliance deadlines for the small business lending rule.
2024 Filing instructions guide (Updated August 2024)
Updated instructions on the filing process, data fields, etc.
Small business lending data points (Updated Aug. 17, 2023)
A reference tool for data points required to be collected and reported under the small business lending rule
Slides from CFPB Regcast June 28, 2023
CFPB staff's webcast covered determining whether you must comply with the final 1071 rule and definitions for covered originations, transactions, and small businesses
FAQs (updated June 25, 2024)
Questions and answers about compliance with the small business lending rule
Small entity compliance guide (v. 2.2)
The CFPB's effort to help small entities comply with the final 1071 rule
Executive summary of the final rule
A summary of who must report what and reporting requirements
Fact sheet
CFPB's fact sheet for lenders on the Section 1071 rule
Press release summarizing the final rule
The CFPB's press release describing key aspects of the rule
CFPB technical and regulatory support program
Submit questions on data collection and reporting obligations to the bureau's SBL Help program.
Key dates for filing and reporting 1071 rule data
CFPB's chart showing who has to file when
Final rule
The full final rule on required small business lending data collection
Updates from the CFPB
The latest updates to resources and instructions from the CFPB.
