Section 1071
small business loan data

Cover image: ©arrowsmith2

The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 included Section 1071, which mandated the collection and dissemination of data on applicants for loans to small businesses and women- and minority-owned firms. The Consumer Financial Protection Bureau (CFPB) was designated to collect the data. The statutory purpose of the data is to aid in the enforcement of fair lending laws and to assess whether the needs of the businesses targeted by the law are being met.

NCRC provided data and policy recommendations that were used to create Dodd-Frank in 2010, and, despite years of delays, has long advocated for the implementation of section 1071, which finally took shape in September 2021 with a notice of proposed rulemaking.

September 2021: the CFPB finally announced a proposed rule for implementing section 1071. Public comments were due Jan. 6, 2022.
See NCRC’s comment letter.

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