The Consumer Financial Protection Bureau (CFPB) has finalized its updates to Section 1071. The Dodd-Frank Wall Street Reform and Consumer Protection Act section focuses on data collection requirements when lending to small businesses. With the CFPB section 1071 implementation on the horizon, financial institutions must gear up to understand and implement these changes.
Important Changes from the Proposed Rule (Section 1071)
The CFPB's notice of proposed rulemaking (NPRM) for CFPB section 1071 in
