CFPB Plans to Reopen Section 1071 Small Business Lending Rule
By EsqSocial Corporation 10/04/25
The Consumer Financial Protection Bureau (CFPB) has revealed its intention to make changes to the small business loan data collection and reporting rule (1071 Rule) in light of continued opposition from financial institutions throughout the nation. The 1071 Rule, which refers to Section 1071 of the Dodd-Frank Act, requires financial institutions to collect and report loan application data from qualifying small businesses. This mandate has received significant pushback....
By: Holland & Knight LLP