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.
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This episode is sponsored by intrafi.
In this episode: