1071 Small Business Lending Data Collection
It’s been about six months since the CFPB dropped its Final Rule for the Small Business Lending Data Collection requirements (Section 1071). Preparing to comply with this Rule will require a lot of planning, training, and procedural updates within your institution. You will first need to determine if you are a covered institution and then which of the mandatory compliance dates apply to your institution. The next step is diving into the actual data you will need to collect and report.