The CFPB’s final rule implementing Section 1071 of the Dodd-Frank Act represents a major shift in the way banks process and handle small business loans, taking what at many banks is a customized financial product and it requires a whole new way of doing business. In the latest episode of the ABA Banking Journal Podcast, sponsored by intrafi — ABA Senior Vice President Kitty Ryan comments:
- An overview of the Section 1071 final rule.
- Implementation deadlines and partial victories by extending them from the tight deadlines of the proposed rule.
- Other victories for the ABA defense, including on privacy and racial and ethnic identification that aligns the final rule more closely with the statute.
- Software challenges banks will face when implementing the final rule.
- Despite some improvements, why is the ABA still disappointed with the final rule, with a open call for advocacy for Congress to repeal the rule.
If you can’t see the audio player above, Click here to listen to this week’s episode.
This episode is sponsored by intrafi.
In this episode:
kathleen ryan
SVP, Fair and Responsible Banking
ABA
evan sparks
Chief editor
ABA Banking Magazine