The huge budget bill signed by President Trump on July 4 does not include a proposal from Senate Banking, Housing and Urban Affairs Committee Republicans to delay implementation of the Section 1071 rule for ten years, but the Trump Administration still is expected to revise the rule.
The Section 1071 rule is a Dodd-Frank provision that requires financial institutions to report information contained in loan applications submitted by small businesses, including women-owned, minority-owned and LGBTQI+-owned small businesses.… Continue Reading