It has been a long time coming, but the small-business lending data collection rule, or 1071 (the 2026 Final Rule), has finally been issued, and many community banks around the country are celebrating an escape from compliance.

Section 1071 of the Dodd Frank Act mandated the collection and reporting of small-business lending data under the Equal Credit Opportunity Act and Regulation B. In the years since the passing of the Dodd Frank Act, there have been related proposed rules, a previous final rule, many comments and letters of opposition, and even litigation. Continue reading >