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The Unintended Consequences of Bank Regulation Many banks will be getting ready this year for a massive data collection project affectionately known as Section 1071, which requires lenders to begin reporting demographic information on small business loans, as Bank Director Editor-at-Large Jack Milligan writes on page 28. Section 1071 is one of the last provisions of the Dodd-Frank Act to turn into a rulemaking, more than a decade after Congress created the law in 2010. Small business lenders will report data to the Consumer Financial Protection Bureau, data the agency and community activists can use to monitor compliance with fair…
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