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Implementing Section 1071

Jeannine DeFoe

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What Banks Need To Know About the New Data Collection Requirement

Many Financial Institutions will soon face new requirements in collecting and reporting information about small business loans and loan applicants. The Consumer Financial Protection Bureau (CFPB) released its final small business lending data collection and reporting rule in March 2023 to implement Section 1071 of the Dodd-Frank Act. The final rule am…

About the Author
Jeannine DeFoe
Contributing Editor for The RMA Journal
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