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.
LEGAL UPDATE: On November 12, 2025, the CFPB issued a proposed rule which, if finalized, will make substantial revisions to the ECOA small business lending rule. This proposal would narrow the scope of institutions and loans subject to the rule, the number small businesses subject to the rule, the number of data fields to be collected, and would propose a new universal effective data for all lenders of January 1, 2028. Finastra is continuing to monitor this proposal, as well as the ongoing litigation challenging the CFPB's original 1071 rule and will make updates to its SBDC solution as necessary.
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.
