Section 1071 of the Dodd-Frank Act represents the most significant expansion of lending data collection requirements since HMDA. As 2026 unfolds, more financial institutions are entering the compliance timeline, making this an important moment to understand what's required and how to prepare. This guide covers the current state of Section 1071 implementation, who needs to comply and when, and practical steps for building your compliance infrastructure. What Is Section 1071? Section 1071 requires financial institutions to collect and report data on small business lending applications. The goal mirrors HMDA's purpose for mortgage lending: to identify potential discrimination and ensure fair access to credit for minority-owned, women-owned, and other small businesses. The Consumer Financial…
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