§ 1071 · FAQ
Frequently asked questions
Straight answers to the Section 1071 questions we hear most, sourced from the current rule.
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What is Section 1071?
Section 1071 is a provision of the Dodd-Frank Act requiring certain lenders to collect and report data on small business credit applications. The CFPB implements it through amendments to Regulation B.
When do covered institutions need to start collecting data?
January 1, 2028. That's the uniform compliance date set by the CFPB's May 2026 revised final rule for the initial group of covered institutions.
Who is covered by Section 1071?
Institutions that originated 1,000 or more covered small business credit transactions in each of the two preceding calendar years — 2026 and 2027, for the initial group. That's up from the original 2023 rule's 100-transaction threshold.
What data do covered institutions need to collect?
Approximately 13 data fields under the 2026 revised rule, covering application details, credit type and amount, business profile information, and geography. Demographic and pricing fields from the original 2023 rule were removed or significantly reduced.
What is the SBLAR?
The Small Business Lending Application Register — the annual submission covered institutions file with the CFPB, compiling their collected data. The first SBLAR filing deadline is June 1, 2029.
What is the grace period, and does it delay the compliance date?
The grace period runs January 1 through December 31, 2028. During that window, the CFPB generally won't assess penalties for good-faith data errors. It does not delay the compliance date — data collection still starts January 1, 2028.
Has the Section 1071 rule changed recently?
Yes. The CFPB issued a revised final rule on May 1, 2026, effective June 30, 2026, which raised the coverage threshold, cut the required data fields, and set a single uniform compliance date — replacing the original 2023 rule's tiered schedule after multiple rounds of litigation and extension.
Could the compliance date change again?
It's possible. Section 1071 has already been through multiple rounds of litigation and extension, and further judicial review of the 2026 rule can't be ruled out. Treat the current dates as the regulatory reality today, and check this site for updates.
Is Section 1071 the same as HMDA?
No, but they're structurally similar. HMDA requires data collection on mortgage lending; Section 1071 requires it for small business lending. Both compile application-level registers that regulators aggregate into public datasets.
Where can I read the actual rule text?
The CFPB's Section 1071 rulemaking page and the Federal Register final rule are the authoritative sources. Links are on the Resources page.
Have a question we haven't covered? Ask us directly or check the CFPB's official rulemaking page.
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This is general information, not legal or compliance advice. Consult qualified counsel or a compliance professional for guidance specific to your institution.