American Bar Association Consumer Financial Services Winter Meeting 2022

Speaking Engagement | January.19.2022 - January.20.2022

Section 1071: Small Business Data Collection & Fair Lending
Thursday, January 20, 2022

Jeff Naimon discussed some of the concerns lenders have with respect to Section 1071 of the Dodd Frank Act  the small business data collection rule meant to help the government identify discrimination against minority- and women-owned small businesses. Compliance with this rule will require a massive compliance effort and there are questions whether, notwithstanding the burdens this rule creates, this data would actually help to identify discrimination because of the way that many small business loans are made.