Section 1071 and SMB Lending: Understanding the Operational Impacts

Section 1071 will soon have the CFPB expand its remit to include SMB lending.  

February 1, 2022 – The enactment of Section 1071 of the Dodd-Frank Act will soon transform the credit market, expanding the remit of the Consumer Finance Protection Bureau (CFPB) to include small-to-midsize business (SMB) lending. Section 1071 will have cultural and training implications that will be enterprisewide for lending financial institutions.

This report analyzes the impact of Section 1071 as currently proposed, including the cultural, technological, and operational impacts it will have on SMB lenders. The findings in this report are based in part on conversations with regulators, lobbyists, and lenders as well as a survey, fielded prior to the notice of proposed rulemaking, about lender activities in the SMB credit market, including lender knowledge about Section 1071.

This 25-page Impact Report contains three figures and one table. Clients of Aite-Novarica Group’s Commercial Banking & Payments service can download this report and the corresponding charts.

Related Content

Datos Insights Matrix: Behavioral Biometrics and Device Fingerprinting Solutions

Behavioral biometric and device fingerprinting solutions are gaining popularity as a way to authenticate users and detect possible scam activity.

Charting the Healthcare Lending Landscape

Healthcare providers are caught between a rock and a hard place.

Wealth Management Fintech Spotlight: Retirement Planning Vendors

Advisors have more choices than ever when it comes to digitizing their retirement planning process.

Get Summary Report

"*" indicates required fields