The CFPB lately issued a compliance guide for its final rule implementing Section 1071 of the Dodd-Frank Act. Constant with Section 1071, the final rule (issued at the finish of March) will need monetary institutions to gather and give to the Bureau information on lending to tiny enterprises, defined as an entity with gross income below $five million in its final fiscal year (covered by InfoBytes right here). The guide: (i) incorporates a detailed summary of the final rule’s specifications, which includes information reporting deadlines (ii) gives extensive facts on the varieties of information monetary institutions will need to gather and report on tiny enterprise lending applications and choices and (iii) incorporates parameters for covered institutions and covered originations. The guide additional breaks down reportable information points and explains the final rule’s “firewall” provision, which states that personnel and officers of a monetary institution or its affiliates “involved in generating any determination” on a reportable application are usually prohibited from accessing applicant demographic facts relating to ethnicity, race, sex, and status as a minority-owned, ladies-owned, or LGBTQI+-owned enterprise. The guide specifies that particular exceptions could apply to circumstances exactly where an employee involved in selection-generating need to have access to the information to fulfill their assigned job duties (e.g. a loan officer or loan processor). In these circumstances, monetary institutions are expected to give notice to applicants that personnel and officers involved in selection-generating could have access to their demographic information.