On September 14, 2023, the CFPB updated its questions and answers pertaining to compliance with the Small Business Lending Rule. The FAQs were first published on June 28, 2023.

In particular, the following FAQs topics were updated:

Institutional Coverage Question #5 (Refinancing)
Institutional Coverage Question #7 (Agricultural-purpose credit transactions)
Covered Credit Transactions Question #2 (Consumer-designated credit for business or agricultural purposes)
Covered Credit Transactions Question #3 (Merchant cash advance)
Covered Credit Transactions Question #4 (Letter of credit)
Covered Credit Transactions Question #5 (Participation loan)
Covered Credit Transactions Question #6 (Trade credit exclusion)
Small Business Question #3 (Personal income for sole proprietorship)
Small Business Question #6 (Guarantor’s revenue)
Added a new set of FAQs on Firewall and Record Retentions

The CFPB’s FAQs on the 1071 Rule can be found here.

Adam Witmer

Adam Witmer is a speaker, author, and founder of the Compliance Cohort. Adam has taught hundreds of seminars and training sessions to thousands of bankers throughout the United States and teaches on all areas of regulatory compliance. Adam has written five e-books that he never published, hit a grizzly bear while driving in a National Park, and is an award winning photographer and musician (though he no longer takes photos nor plays any instruments). In his spare time, Adam can be found kayaking on the lake, doing taekwondo with his kids, working on his (project) house, or spending time with his family.

Website

Become a Free Member