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 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.
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.
