The CFPB (finally) issued its long-awaited Final Rule on Small Business Lending Data Collection, which will require lenders to collect and submit to the CFPB data around small business loan applications by June 1st of each year. But wait a minute, didn’t a federal judge halt its implementation? Not so fast – the whole issue is up in the air a bit, but lenders should not take this as a sign that the rule is going away. Far from it – the extra time should be used to make sure things are right.
However this turns out, there is a transitioned implementation period, and when lenders must comply is based on how many small business loans they originate. This rule will have a dramatic impact on small business lenders’ operations, and not just from an operational, and perhaps more importantly, a cultural, standpoint. There are significant cultural issues to address as well, as this will change, in significant ways, how small business applications are collected and processed.
In this webinar, we’ll do a deep dive into the rule, including when, and whether, the institution must begin to collect and submit data. But our focus will not be a simple recitation of the rule, but how to effectively develop your implementation plan. We’ll review the many issues so you can methodically ensure your program is on track.
One of the many keys to determining the requirements is to understand the definitions involved, from “covered financial institution,” “covered origination,” and “covered credit transaction,” among others. We’ll discuss precisely what a small business is, so you can zero in on which areas of the institution are affected by the requirements. We’ll also examine the many data requirements – what they mean, how they’re defined, how to collect them, and ultimately submit them. This rule will have exact a heavy load on the technology and automation functions of the institution, and we’ll discuss some best practices in this area.
We’ll also talk about what this data means from a fair lending standpoint, including the public nature of the information and some suggestions for fair lending analytics, as well as policy and procedure impacts. Join us for this in-depth discussion of the rule so you can best prepare for implementation, both operationally and technologically, and also culturally.
What You’ll Learn
Continuing Education (CE) Credits
This webinar is recommended for 2.5 CE Credit Hours. Each attendee will receive a Certificate of Attendance for self-reporting of CE Credits.