ICBA Briefing: Overview of the New Small Business Lending Requirements Under ECOA (1071) (MP4)

On March 30, the CFPB published the final rule amending Regulation B to implement changes to ECOA made by section 1071 of the Dodd-Frank Act. These changes will require covered financial institutions to collect and report data on applications for small business credit.

• When covered financial institutions will be required to begin reporting
  
• The definition of “Small Business” under the final rule
• The data points required to be reported for covered transactions
• Potential challenges with data collection and what community banks should be thinking about now
• The legislative work currently being done by ICBA to mitigate the compliance and procedural issues triggered by 1071

More information on the final rule is on CFPB website.

Recorded Date: April 14, 2023