Episode Details

How are banks currently being affected by regulatory changes that have taken hold in the last few years? We focus on three specific items 1) SBA lending, 2) CFPB 1071 rule, and 3) FinCen beneficial ownership information (BOI). The SBA has made multiple changes returning to a more pre-pandemic and pre-Biden administration stance. The 1071 rule requirements being enacted by the CFPB will kick in for big banks in July 2026 and in 2027 for smaller banks. 1071 will add a higher regulatory burden on small business lending and will add further complexities to the lending process. Banks continue to comply with FinCen on BOI collection. This is something banks have been dealing with for years now. Due to these regulatory changes, the burden on banks continues to increase. The complexity and cost for small business borrowers will continue to increase.  This episode reviewed an article from Bank Director titled “The regulatory changes shaping small business lending right now.” A link to the article is included below.

Link: The Regulatory Changes Shaping Small Business Lending Right Now | Bank Director