May 4, 2023
The CFPB’s final rule implementing Section 1071 of the
Dodd-Frank Act represents major change to how banks process and
handle small business loans — taking what in many banks is a
bespoke, tailored financial product and requiring a whole new way
of doing business. On the latest episode of the ABA Banking Journal
Podcast — sponsored by Intrafi — ABA SVP Kitty Ryan
- An overview of the Section 1071 final rule.
- Implementation deadlines and partial wins in extending them
from the narrow timeframes in the proposed rule.
- Other wins from ABA
advocacy, including on privacy and on racial and ethnic
identification that aligns the final rule more closely with the
- Software challenges banks will face as they implement the final
- Despite a few improvements, why ABA continues to
be disappointed in
the final rule — with an open
advocacy call for Congress to rescind the rule.