Section 1071’s Murky Future
10/3/2023 12:30:59 PM
The future of the Consumer Financial Protection Bureau’s controversial Section 1071 small business data collection rule remains uncertain, with only a year remaining until the nation’s largest bank lenders need to start reporting data.
Smaller lenders, which will have more time to comply with Section 1071, are already preparing for the rule. Take south-central Nebraska’s Bruning State Bank, where a half-dozen commercial lenders and loan administrators have already attended several Section 1071 compliance webinars. The $545 million bank plans to purchase Section 1071 software from NContracts, the same company it used to comply with the most recent updates to the Home Mortgage Disclosure Act.