Small business lending rulemaking - Consumer Financial Protection Bureau
网页2024年6月25日 · Congress enacted section 1071 for the purpose of: Facilitating enforcement of fair lending laws. Enabling communities, governmental entities, and creditors to identify business and community development needs and opportunities for women-owned, minority-owned, and small businesses.
Small business lending collection and reporting requirements
网页Resources to help industry understand and comply with the data collection and other requirements of the small business lending rule, which implements section 1071 of the Dodd-Frank Act.
CFPB issues long-awaited Section 1071 final rule
网页2023年3月30日 · The CFPB today released a long-awaited final rule implementing Section 1071 of the Dodd-Frank Act, which requires the collection and reporting of credit application data for small businesses, including women-owned and minority-owned small businesses.
Section 1071: Guide to the New Small Business Lending Rule
网页2024年7月26日 · This new small business lending rule—known as Section 1071—is designed to increase transparency and promote economic development. Your participation in this new regulatory obligation is voluntary, and no one deciding on your financing request will have access to your responses.
网页Section 1071 of the Dodd-Frank Act (Section 1071) amended the Equal Credit Opportunity Act (ECOA) to require that financial institutions compile and report certain data regarding certain business credit applications to the
Small Business Lending under the Equal Credit Opportunity Act ...
网页2023年3月30日 · The Consumer Financial Protection Bureau (CFPB) is amending Regulation B to implement changes to the Equal Credit Opportunity Act (ECOA) made by section 1071 of the Dodd-Frank Wall Street Reform and …
网页Consistent with section 1071, covered financial institu tions are required to collect and report to the CFPB data on applications for credit for small businesses, including those that are owned by women or minorities.
网页On March 30, 2023, the Consumer Financial Protection Bureau (CFPB) issued the small business lending rule (final rule), which implements the small business lending data collection requirements set forth in section 1071 of the Dodd-Frank Act (Section 1071).
Commercial Lenders & 1071: What You Need to Know Today
网页2023年3月14日 · If you’ve gone to any banking conferences or webinars, you know that 1071 also known as Section 1071 of the Dodd-Frank Act) is top of mind for commercial bankers. While the CFPB isn’t required to release its final rule until March 31, 2023, that hasn’t stopped bankers from speculating.
CFPB Small Business Lending Data (Section 1071) - KPMG
网页The Consumer Financial Protection Bureau (CFPB) has issued its final small business lending rule, which amends Regulation B to implement changes to the Equal Credit Opportunity Act (ECOA) made by Section 1071 of the Dodd-Frank Act. Consistent with Section 1071, the rule requires covered financial institutions to collect and report to …
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