CFPB to hold technical implementation meetings on 1071 reporting

As the CFPB continues work on its Dodd Frank Act Section 1071 rulemaking—which relates to the collection of small business lending data—the bureau will hold two events in the coming weeks to discuss technical implementation of the rule’s reporting requirements. According to the CFPB’s spring rulemaking agenda that was released earlier this summer, a final rule is expected in March 2023.

At the meetings—which are geared toward in-house bank technologists or providers that provide compliance software to banks—the CFPB’s technical team will share information on how the CFPB builds regulatory compliance technology systems; review a sample draft 1071 filing instruction guide; discuss possible approaches to authentication and APIs; review technical data submission standards, edits and validations; and accept feedback on the kinds of support that may be helpful for this implementation. The bureau noted that the event is not intended to be a forum to discuss the merits or potential outcomes of the ongoing rulemaking, or to take questions about the substance of the rulemaking.

The bureau will hold a virtual session Aug. 19 at 1 p.m. EDT, and an in-person session at the CFPB’s headquarters in Washington, D.C., on Sept. 15 at 1 p.m. EDT. The same materials will be covered at both meetings.