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N1071 Module

1071 Compliance Software for Small Business Lending

Are you prepared for 1071? Many commercial lenders already have a 1071 solution for the Consumer Financial Protection Bureau’s (CFPB) small business reporting requirement. With N1071, our new 1071 Regulatory Compliance Software module, lenders can significantly lessen this heavy compliance lift. 

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1071 Regulatory Compliance Software for Commercial Lenders

N1071 makes complying with small business reporting requirements easy. Our legal and compliance experts will assist you with 1071 requirements every step of the way. 

Avoid Compliance Violations

Minimize errors in the collection and analysis of small business data. Those with experience collecting HMDA-reportable data know that mistakes lead to potential compliance violations. Lenders must ensure that their fair lending compliance software offers actionable insight. N1071 is a powerful web-based solution for identifying and explaining potential fair lending issues and avoiding costly compliance blunders. 

Identify Disparities

Do you know if your small business lending practices accidentally discriminate against certain protected groups? Our Small Business Lending Compliance software solution quickly identifies possible problems with loans to protected groups, empowering lenders to make the necessary adjustments to satisfy 1071 requirements. Relying on manual processes to track potential lending disparities is unreliable, risky, and time-consuming.    

Enhance Your 1071 Expertise

The new 1071 requirements will require commercial lenders to update their policies and procedures and train staff on compliance with the new law. N1071 is loaded with expert model content, videos, and other resources that streamline training and build your institutional knowledge. N1071 creates a regulatory compliance hub that anyone can access.     

Embrace Exam-Ready Reporting

Regulators expect you to show them your work. With N1071, you’ll never have to sweat an examination of your small business lending data. Our lending compliance software gives examiners the proof they need that you’re able to adhere to the new regulation.  

N1071 Features

The 1071 Regulatory Compliance Software You Need

Built by experts in lending compliance for commercial lenders, N1071 is the only tool you’ll need to comply with the Consumer Financial Protection Bureau’s newest regulatory requirement. Automate your 1071 data collection and analysis in anticipation of the coming law. 

Additonal Features

Common 1071 Questions

1071 is coming. Don’t let the recent legal actions distract you. Plan and budget to meet this legal requirement today. 

What is 1071?

1071, also known as the small business data collection rule, refers to Section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The law amended the Equal Credit Opportunity Act (ECOA) and requires covered small business lenders to compile, maintain, and submit certain data on applications for credit for women-owned, minority-owned, and small businesses.  

The Consumer Financial Protection Bureau (CFPB) is responsible for rulemaking that implements the law. 

Who must comply with 1071?

Covered financial institutions must comply with the final rule. A covered institution meets two requirements:  

  1. Any partnership, company, corporation, association (incorporated or unincorporated), trust, estate, cooperative organization, or other entity that engages in any financial activity 


  1. that originated at least 100 covered originations in each of the two preceding calendar years. 

This includes depository institutions (i.e., banks, savings associations, and credit unions), online lenders, platform lenders, community development financial institutions, lenders involved in equipment and vehicle financing, farm credit system lenders, commercial finance companies, merchant cash advance providers, governmental lending entities, and nonprofit lenders. Motor vehicle dealers are exempt. 

What types of loans are covered under the final rule?

Credit transactions (i.e. loans and other forms of credit) originated in a small business are covered. This includes closed-end loans, lines of credit, business credit cards, online credit products, and merchant cash advances by banks, credit unions, and other lenders. Refinancings can be covered originations.  

Extensions, renewals, and other amendments of existing transactions are not covered unless additional credit amounts are requested (i.e. line increases or new money on an existing loan). For more details and information on exclusions, download our 1017 FAQ. 

We know we don’t discriminate. Why do we need to analyze our 1071 data?

Very few lenders discriminate on purpose, but sometimes a policy or procedure has unintended consequences that can have a disproportionately adverse impact on protected classes of borrowers. This is called disparate impact. 

For example, a lender might have a $150,000 minimum for all small business loans, which might inadvertently exclude some classes of protected borrowers. Loan officers may have a lot of discretion over loan pricing and terms and often give better terms to their friends, which may lead to borrowers who share a background or social circle enjoying better conditions than similarly situated borrowers who aren’t in that circle. The marketing department might target certain zip codes due to the large number of business owners there but potentially excluding other neighborhoods where protected classes of borrowers might live. 

While these practices aren’t intended to promote discrimination, it’s possible that they can have a negative impact on minority-owned, women-owned and other small businesses. Analyzing your data can help you identify potential disparities and understand if there is a “business necessity” for the practice or if something needs to change.  

This prepares you for conversations with examiners and regulators. Regulators don’t care if discrimination is intentional. If they identify it before you do, they will say something. 

Lighten Your 1071 Compliance Burden with Ncontracts

Talk to an expert about how N1071 Compliance Tool can help your financial institution. Get a demo today to learn how to put N1071 module to work for you. 

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