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On March 30, after years of rulemaking efforts, the Consumer Financial Protection Bureau (CFPB) issued a final rule implementing Section 1071 of the Dodd-Frank Act. Small business lenders, if they haven’t already, must put in place rigorous data collection techniques, implement security firewalls, and update employee training by their listed compliance date.

Consumer Financial Protection Bureau CFPB issued final rule implementing Section 1071 of Dodd-Frank Act. Small business lenders must put in place rigorous data collection techniques, implement security firewalls, and update employee training by their listed compliance date.