Dodd-Frank section 1071 could break SME lending barriers for fintech (Abigail Lyle quoted)

A controversial proposal for tougher, more uniform reporting about small-business lending may provide an opportunity for fintech companies, Abigail Lyle tells Bobsguide. While critics are rightfully concerned that more stringent application of Section 1071 of Dodd-Frank could negatively impact small-business lending, the reporting may also create new opportunities for fintech companies. Lyle says, “Right now, there is no standardized reporting, so there hasn’t been any data collection of this field that potentially could become relevant so there is an opportunity for fintech companies to develop new programs that can allow for this information to be captured easily, more efficiently, more cost effectively.” “Fintech” companies provide financial services by using software and other technology.