CFPB Finalizes New 1071 Small Business Lending Rule – Key Takeaways

After a presidential election that resulted in changed policy objectives at the Consumer Financial Protection Bureau (CFPB), on May 1, 2026, the agency issued a new final rule implementing Section 1071 of the Dodd-Frank Act requiring certain institutions to collect and report information about their lending to small businesses, including those that are minority- and women-owned.... By: Baker Donelson