CFPB’s Section 1071 Final Rule (Part 1): A General Overview

The Consumer Finance Podcast · May 2, 2023 · 38m

Please join Troutman Pepper Partner Chris Willis and his colleagues Lori Sommerfield, Addison Morgan, and Josh McBeain for the first installment of a special three-part series about the Consumer Financial Protection Bureau’s (CFPB) new small business lending data collection and reporting final rule — the Section 1071 rule. Part 1 of this special series provides a general overview of the rule, including:

What the rule is designed to do;

The definition of a small business for the purpose of this rule;

What types of small business lenders are covered;

Covered and excluded credit transactions as…