Section 1071 glossary

Section 1071

The provision of the Dodd-Frank Act that requires small business lending data collection and reporting, implemented by the CFPB through Regulation B.

Regulation B

The CFPB regulation that implements the Equal Credit Opportunity Act (ECOA). Section 1071 rulemaking took the form of amendments to Regulation B, specifically its Subpart B.

ECOA

Equal Credit Opportunity Act — the underlying federal law, implemented by Regulation B, that prohibits credit discrimination and provides the legal basis for Section 1071's data collection mandate.

CFPB

Consumer Financial Protection Bureau — the federal agency responsible for writing and enforcing the Section 1071 rule.

Covered institution

A lender that meets the Section 1071 coverage threshold — for the initial group, 1,000 or more covered small business credit transactions originated in each of 2026 and 2027 — and must therefore collect and report data under the rule.

Covered small business credit transaction

A credit transaction extended to a small business that falls within the rule's definitions and isn't otherwise excluded. The precise definition, including exclusions, is set out in the rule text.

SBLAR

Small Business Lending Application Register — the annual register of covered transaction data that covered institutions must compile and submit to the CFPB, first due June 1, 2029.

Compliance date

The date by which a covered institution must begin collecting the required data. The uniform compliance date under the 2026 revised rule is January 1, 2028.

Grace period

The January 1 – December 31, 2028 window during which the CFPB generally will not assess penalties for good-faith data errors. It does not delay the compliance date.

NAICS code

North American Industry Classification System code — a standardized industry classifier that covered institutions must record for each small business applicant.

HMDA

Home Mortgage Disclosure Act — the mortgage-lending data collection law that Section 1071 is often compared to, since both require lenders to compile a register of application-level lending data for regulators.

Final rule

The legally binding version of a regulation, published in the Federal Register after a public comment period. Section 1071 has had an original final rule (2023) and a revised final rule (2026).

This is general information, not legal or compliance advice. Consult qualified counsel or a compliance professional for guidance specific to your institution.