Are you ready for the 1071 Small Business Lending Rule?
In the ever-changing world of financial regulations, it's crucial for financial institutions to stay in the know and stay compliant. The Small Business Lending Rule (Section 1071 of the Dodd-Frank Act) is a recent and impactful regulation with wide-ranging implications, especially for institutions that focus on small business lending. The final ruling, announced by the Consumer Financial Protection Bureau (CFPB) was released on March 30, 2023.
At Baker Hill, we have been collaborating with the CFPB and our clients to not only comprehend the impact of the Small Business Lending Rule on financial institutions but also to ensure we are ready to assist them in collecting the necessary data for compliance within the reporting timelines.
Be preared by understanding:
How to comply with the firewall ruling at your institution
Learn more about how Baker Hill NextGen® can help your financial institution comply with the CFPB 1071 Small Business Lending Rule. Request a consultation with our team today!
