New CFPB 1071 Rule Summary Details Reduced Compliance Burden For Credit Unions
By CU Today Staff —
WASHINGTON--A new Final Regulation Summary of the CFPB’s small business lending data collection rule is available from America’s Credit Unions’ Compliance team.
Finalized April 30, the final rule includes many credit union-sought changes to reduce regulatory burdens while still enabling credit unions to serve their members effectively.
Revised from a 2023 final rule, ACU said the narrower scope will benefit credit unions by:
The summary also includes a link to the final rule, background on its development, section-by-section analysis, and more.
Originally reported by CU Today.