CFPB releases section 1071 small-business lending final rule

The Consumer Financial Protection Bureau (CFPB) released the anticipated finalized rule for the Dodd-Frank Act section 1071 small-business lending rule. The rule formalized data collection and reporting requirements for lenders that lend to small businesses in the U.S. According to the CFPB, the rule will work in concert with the Community Reinvestment Act, to analyze how financial institutions are meeting the needs of the communities they serve. Read on for more details.