Navigating Section 1071 of the Dodd-Frank Act

A Comprehensive Guide to the Small Business Lending Rule for Financial Institutions
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Are you ready for the 1071 Small Business Lending Rule? We can help.

The role of the

CFPB

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We Had a Chance to Sit Down With the CFPB and the Only Topic on Bankers’ Minds is Section 1071

by Julia Bedell

Baker Hill had representatives from the CFPB speak at our annual conference in April, 2023. Check out the most commonly asked questions during the session in this blog.

Understanding

Covered Financial Institutions

HOW MANY SMALL BUSINESS LOANS DO YOU DO IN A YEAR?

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Embracing Section 1071: A Win-Win for Banks and Borrowers

by Mike Horrocks

Discover the potential implications of the Section 1071 Small Business Lending Rule and explore insights from bankers like you on the positive impacts it may bring.

In banking, compliance is a full-time job. Recently, the Consumer Financial Protection Bureau (CFPB) issued a final rule to implement Section 1071 of the Dodd-Frank Act. This section requires financial institutions to collect and report certain data on credit applications from small businesses, including women- or minority-owned ones.

This regulation goes beyond data collection, aiming to ensure fair lending and address the needs of women-owned, minority-owned, and other small businesses. Preparation will be crucial for financial institutions, and this blog will outlinethe “do’s” to make sure your institution is ready.

Compliance

Timeline

cfpb compliance dates
cfpb sbl info sheet regarding compliance dates page 01

The CFPB provided documentation regarding compliance dates for the Small Business Lending Rule. Click below to download their documentation to learn about compliance timelines for your financial institution.

Firewall

Ruling

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The Four “Don’ts” of Section 1071 and How They Will Help Your Bank

There is a lot to take in when you look at the Small Business Lending Rule, and it can be overwhelming. At Baker Hill we are working alongside the CFPB, banks and credit unions within our User Community, and other leaders in the fintech ecosystem to ensure that when the time comes to collect and report, you can have confidence in your submission.

Data collection

Requirements

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Small Business Lending Collection and Reporting Requirements

Here is a guide from the CFPB to help you understand the data collection and reporting requirements under the Small Business Lending Rule.

Preparing for the

Compliance Deadline

Simplify Compliance with the CFPB's Final Ruling

Discover Baker Hill’s comprehensive solution for financial institutions, designed to help you adapt to evolving regulations like the CFPB’s  Section 1071 Small Business Lending Rule. Ensure compliance and streamline processes with the loan origination system puprosefully built for the needs of banks and credit unions.

Baker Hill is in the business of evolving loan origination by combining expertise in technology with expertise in banking. Baker Hill NextGen® is built on decades of walking alongside banks and credit unions as they provide vital resources to their communities. A configurable, single platform SaaS solution for commercial, small business, consumer loan origination and risk management that grows along with you as your business needs change, Baker Hill is lending evolved.

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Simplify complex processes with an innovative loan origination system.

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A loan origination system is the key to scaling lending.

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Why Choose Baker Hill

Baker Hill’s modular system accelerates your success.

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“170% increase in loan production”

Marquette Bank cites tangible, transformative outcomes.