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.
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.
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.
