Finastra DFA 1071 Factsheet

Finastra's Small Business Data Collection module is a powerful and innovative solution to help you comply with Section 1071 of the Dodd-Frank Act.

LEGAL UPDATE: On May 16, 2024, the Supreme Court of the United States issued its long-awaited decision in the CFSA v. CFPB case, challenging the constitutionality of the CFPB’s funding. The Court found in favor of the CFPB (finding its funding constitutional). Preliminary injunctions issued by the Texas and Kentucky Federal district courts were framed to last until the constitutionality of CFPB funding was confirmed. With this question resolved, on May 17th the CFPB issued a notice of its intent to issue an interim final rule extending the small business data collection rule compliance deadlines. The CFPB’s interim final rule will require small business data collection under ECOA as of July 18, 2025 (Tier 1 financial institutions), January 16, 2026 (Tier 2 financial institutions), and October 18, 2026 (Tier 3 financial institutions). Voluntary data collection of all small business data is expected to be permitted 12 months prior to these required effective dates. Know more.

Finastra’s Compliance Reporter Small Business Data Collection module is a cloud- native solution that integrates seamlessly with retail lending products including LaserPro, CreditQuest, DecisionPro, and Originate.

Built on LaserPro’s Compliance Reporter, it features intuitive integrated workflows and enables data collection and review in one contained system.

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