Preparing for the
Section 1071 of the Dodd-Frank Act is a comprehensive 885-page document that holds significant implications for financial institutions, their council, and compliance departments. The Small Business Lending Rule mandates a deep understanding and proactive implementation of processes and procedures within banks or credit unions. This pivotal ruling serves as an indispensable cornerstone in the regulatory landscape, affecting not only financial institutions but also software companies that provide support in streamlining the lending process. Its intricate requirements necessitate meticulous attention and diligent adherence, ensuring compliance and fostering a robust financial system.
Baker Hill has been partnering with the CFPB and our clients to understand the impact of the Small Business Lending Rule on financial institutions and be prepared to help them collect the data they need to comply with the ruling prior to the reporting timelines. Learn more about how we're supporting complaince with the Section 1071 Small Business Lending Rule by helping banks and credit unions gather, process, and report on the necessary data.
For additional information on the entire final ruling, along with tools, please visit the CFPB website dedicated to the 1071 rule.
By understanding and diligently preparing for these changes, your institution can navigate this new regulatory chapter effectively and continue to provide excellent service to your customers.
Remember, we're all in this together – let's embrace these changes as opportunities to improve, grow, evolve and prosper in the world of finance.
Additional Resources on the 1071 Small Business Lending Rule