Complying with the DFA 1071 Small Business Data Collection rule
The power of data: How the 1071 rule supports the growth of diverse small businesses
Secondary Default Finastra Form
DFA 1071 holds significant implications for lenders, as it encompasses a wide range of financial institutions. The rule will be applicable to lenders who have initiated a minimum of 100 covered credit transactions for small businesses in both preceding calendar years.
Institutions affected include:
- Depository institutions
- Online lenders
- Platform lenders
- CDFIs
- Vehicle financing companies
- Commercial finance companies
