White Paper

Dealing with DFA 1071

The Power of Data: How the 1071 Rule Supports the Growth of Diverse Small Businesses

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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

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