Section 1071 Dodd Frank Takes Shape – The Soon to be Issued CFPB Final Rule Creating a New Regime for Small Business Lending Data Collection (Regulation B)
The Anticipated Small Business Lending Data Collection Rule – What Will Banks Have to Do to Prepare?” The CFPB’ is expected to issue a final small business lending data collection rule to implement Dodd Frank Section 1071. Based on the CFPB’s proposed rule published in September 2021, banks should anticipate that the new rule will place significant burdens on lenders to collect and report on a large amount of data for small business lending activities. The need to be compliant will require significant time, attention and resources. Much like the collection and reporting requirements for the Home Mortgage Disclosure Act, it is expected that the new rule will require banks to develop new processes and procedures to comply with the detailed requirements. This program will discuss the rule’s likely specific requirements, steps banks should be taking to prepare for compliance and oversight, consideration of the impact on key areas such as fair lending analysis and enforcement, and the availability of the data to the public.