On Sept. 14, 2023, the CFPB issued updates to its FAQs to assist small business lenders and finance companies with complying with the final Small Business Lending Rule (the Rule) mandated by section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The FAQs to the Rule cover the following topics: institutional coverage; covered credit transactions; definition of a small business; firewall; record retention.

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