Based on the proposal, covered institutions would need to collect and report certain data for small business credit applications. This includes information specific to the credit request, such as the purpose and amount; information specific to the business, such as the number of workers and time in business; and information on the demographics of the principal owners or ownership status. Data would also need to be reported annually to the CFPB.
What You Will Learn
- Will Your Financial Institution be Required to Comply?
- Proposed Effective Dates & Mandatory Compliance Dates
- Recommendations for CMS, Change Management & Your Action Plan
- Covered Applications, Transactions & Exclusions
- What is a Small Business?
- Requirements to Collect & Report Data
- Your Questions, Plain English Answers & Much More
Who Should Attend?
This webinar is designed for the management, compliance officers, auditors, loan officers, loan processors and other loan operations personnel.