In early 2023, the Consumer Financial Protection Bureau (CFPB) issued a final rule amending Regulation B to implement Section 1071 of the Dodd-Frank Act, also known as the Small Business Data Collection Act. The new rule requires covered financial institutions to collect and report to the CFPB specific data regarding certain business credit applications.
BAI has been closely monitoring everything related to Section 1071. We created a Section 1071 eBook that lists the basic information all impacted financial institutions should know regarding the final rule.
We are providing Chapter 3 of our eBook which includes crucial information on the data financial services organizations need to collect and report on under Section 1071 including:
To learn more about these data collection and reporting requirements and how they impact your organization, download chapter 3 of our eBook, Section 1071 .