1071: Sweeping changes coming to small business lending (Infographic)
View our latest infographic to see how the Small Business Lending Rule could impact your financial institution.
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.
Section 1071 of the Dodd-Frank Actrequired the Consumer Financial Protection Bureau (CFPB) to incorporate new small business data collection requirements as part of the federal Equal Credit Opportunity Act (ECOA).
On March 30, 2023, the CFPB issued its long awaited final small business lending rule ushering in new wide‑ranging impacts on commercial small business lenders.
Compliance with the new small business lending rule will be required as early as October 1, 2024 for larger institutions, with compliance required later for smaller institutions.
Get started understanding what the new small business lending rule will require and how Finastra has your back.
