The final Section 1071 rule was announced in March 2023 from the Consumer Financial Protection Bureau. The rule amends Regulation B to implement changes made by section 1071 of the Dodd-Frank Act. This rule will require financial institutions to collect and report data on small business credit applications, specifically those owned by women or minorities. As your financial institution prepares for compliance, it is important to understand the requirements for this data collection. Attendees of this session will be able to:

- Determine the applicability and effective date of the rule according to the compliance date tiers.
- Recognize the data fields required to be collected and reported.
- Interpret the additional requirements of this rule regarding the firewall and record retention.