We all knew more guidance on 1071 Dodd-Frank on Small Business Data Collection was coming. On May 17, 2024, the Consumer Financial Protection Bureau (CFPB) announced an interim final rule extending the compliance dates for data collection and data reporting for financial institutions.
The Rule requires financial institutions to collect and report small business lending data each year if they originate 100 or more covered transactions in each of the two preceding calendar years.
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