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 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.
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.
