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 March 4, 2025, the CFPB announced its intention to reissue the ECOA small business lending (“1071”) rule. Existing effective dates are expected to be paused until such revised rule is issued. A revised rule is still expected to include statutorily required elements from Section 1071 of the Dodd-Frank Act including the requirement to collect mandated data including demographic information, the requirement to firewall demographic information and to report data annually to the CFPB. Finastra will continue to monitor rulemaking activity by the CFPB and will provide updates.
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.
