Ensure 1071 compliance while driving efficiency with Finastra’s SBDC module
Lawsuits and Congressional attempts to delay the implementation of the ECOA Small Business Data Collection requirements have been unsuccessful, and the effective dates are rapidly approaching.
Join this engaging webinar to get the latest compliance updates and prepare for the upcoming reporting deadlines.
Secondary Default Finastra Form
LEGAL UPDATE: On June 18, 2025, the CFPB issued a notice of its intent to issue an interim final rule extending the small business data collection rule compliance deadlines by approximately one year. The interim final rule requires small business data collection under ECOA as of July 1, 2026 (Tier 1 financial institutions), January 1, 2027 (Tier 2 financial institutions), and October 1, 2027 (Tier 3 financial institutions). The interim rule allows institutions to determine their coverage under the rule based on loan volume using either their small business originations in 2022 and 2023, in 2023 or 2024, or in 2024 and 2025. The interim rule still allows covered institutions to collect the full 1071 small business data set (including the collection of protected demographic information) 12 months prior to their new compliance dates.
Discover the key features of Finastra’s Small Business Data Collection (SBDC) module, designed to simplify the final rule’s requirements.
Still defining your small business workflow? Draw inspiration from sample scenarios that demonstrate how Finastra’s comprehensive module can be seamlessly integrated into your workflow while ensuring compliance with key requirements.
Features included:
- Data Reuse: See how the SBDC module automates the identification of data that qualifies for reuse.
- Monitoring & Auditability: Explore the detailed audit trails and demographic reports that help demonstrate reasonable procedures are in place for proper data collection and compliance.
- Demographic Collection: Learn how the SBDC module simplifies the collection of applicants’ protected, sensitive data through multiple venues, while maintaining data firewall requirements.
