CFPB offers guidance on 1071 compliance, Part 2: Data points

The Consumer Financial Protection Bureau issued a compliance guide for small entities that are to be subject to Section 1071 small business lending rule. The guide provides a detailed summary of the final rule’s requirements and provides details and examples when necessary to clarify and explain the different components and requirements of the final rule as it affects small entities. This is a continuation of a previously posted article. This part will cover the specific reportable data points required under the final rule. Read on for more details.