1071 Small Business Lending Data Collection: What Have We Learned Thus Far Webinar

It’s been about six months since the CFPB dropped its Final Rule for the Small Business Lending Data Collection requirements (Section 1071). Preparing to comply with this Rule will require a lot of planning, training and procedural updates within your institution. You will first need to determine if you are a covered institution and then which of the mandatory compliance dates apply to your institution. The next step is diving into the actual data you will need to collect and report.

The CFPB’s Final Rule amends Regulation B to bring Section 1071 of The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) to fruition. The Dodd-Frank Act was passed way back in 2010 and it called for changes to the Equal Credit Opportunity Act (ECOA) with respect to collecting and reporting certain data on small business credit applications, including those that are minority-owned and women-owned. It also calls for safeguarding the data, shielding it from certain persons within the loan process, recordkeeping requirements and more.

Come see what we’ve uncovered in the last six months and let us bring you plain English solutions!

What You’ll Learn

• Does the ECOA Rule Apply to Your Financial Institution?
• Covered Applications, Transactions & Exclusions in Detail
• What is a Small Business?
• Detailed Breakdown of the Required Data
• Recommendations for Your CMS, Change Management & Action Plan
• Effective Dates & Mandatory Compliance Dates
• Your Questions, Plain English Answers & Much More!

Who Should Attend

This webinar is designed for management, loan officers, loan processors, compliance, audit and loan operations personnel.

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.