What was the primary impact of the Consumer Financial Protection Bureau's $($CFPB$)$ Final Rule on Section $1071$ of the Dodd$-$Frank Act according to the passage?

It simplified the reporting process by reducing the number of data elements.

It focused solely on protecting minority and women$-$owned businesses without impacting the industry's regulatory framework.

It introduced an exemption for financial institutions with less than $$5$ million in gross revenue.

It expanded the regulatory framework, increasing data reporting points placing a significant data collection burden on lenders.