Explore the DFA 1071 small business lending rule (Applicability worksheet)
Finastra has created this worksheet to assist you in estimating if (and when) your financial institution may be impacted by the Section 1071 small business ending rule.
LEGAL UPDATE: On September 14, 2023, a federal judge in the US District Court for the Eastern District of Kentucky issued an injunction prohibiting the CFPB from enforcing the Small Business Lending (1071) rule. Unlike the prior injunction issued by a Texas federal district court, this injunction applies nation-wide and to any party subject to the 1071 rule, not just the parties to the litigation. Unlike the Texas injunction, however, the Kentucky injunction does not require the CFPB to revise the effective dates of the 1071 rule in the event that the CFPB prevails in the underlying litigation. Finastra continues to work toward delivering its 1071 solution, and we are actively monitoring for further legal developments and will provide additional updates on any significant future developments. Know more.
This worksheet will assist you to:
- Understand some important definitions
- Estimate your earliest potential compliance date
- Apply the general coverage test
