Frequently asked questions about the DFA 1071 small business lending rule
Finastra has created this FAQ document to inform you about the small business lending rule's key considerations.
IMPORTANT NOTICE: We are updating our website content to align with the substantial changes from the revised final rule in May 2026. We will also be updating our SBDC solution ahead of the new universal effective date. Please check back soon for updates. If you have any questions, please reach out to your Account Executive or contact us.
LEGAL UPDATE: On May 1, 2026, the Consumer Financial Protection Bureau (CFPB) issued a final rule revising a number of provisions of the 2023 ECOA Small Business Lending rule. This 2026 final rule has an initial compliance date of January 1, 2028, but financial institutions may optionally begin collection of the full data set (including protected demographic information) as soon as January 1, 2027. With the rule now finalized, our teams are enhancing the SBDC solution to help support covered financial institutions’ compliance. All updates will be finalized and available prior to January 1, 2027.
Learn about who must comply with the rule, significant dates of which financial institutions need to be aware, and what types of clients qualify for the 1071 rule.
