Section 1071 Final Rule Highlights & Effective Dates
StreamedMay 22, 2023Duration60 minutes
See Registration Options
- Unlimited & shareable access starting two business days after live stream
- Available on desktop, mobile & tablet devices 24/7
- Take-away toolkit
- Ability to download webinar video
- Presenter's contact info for questions
The new Section 1071 rules will require lenders to collect and report data on small business loan applications, including those of minority- and women-owned small businesses.
The rule will create the first comprehensive database of small business credit applications in the country. Are you up to speed on the changes?
AFTER THIS WEBINAR YOU’LL BE ABLE TO:
- Determine if the new Section 1071 rules apply to your financial institution and when collection and reporting will be required
- Understand the types of applications that will be covered and the details for exclusions
- Define the types and sizes of a “small business” covered by the rules
- Explain the data collection requirements to employees and small businesses
- Develop a gameplan based on the effective date and mandatory compliance date
The CFPB has finally issued its long-awaited final rule to implement Section 1071 of the Dodd-Frank Act. Section 1071 amended the Equal Credit Opportunity Act and will require covered financial institutions to collect and report certain data for credit applications from small businesses, including those that are owned by women or minorities. Although the final rule will be effective 90 days after it is published in the Federal Register, compliance will not be required on that date. The rule contains “compliance date tiers” that differ depending on the number of covered originations in 2022 and 2023.
There is no “model” application form for small business loans. How will collecting information change? Does the current loan application system have the capacity to capture the required information? Attend this webinar to learn the key requirements, develop an action plan, and get the latest on the new rules.
WHO SHOULD ATTEND?
This informative session is designed for senior management, directors, chief credit officers, commercial lenders, loan administration staff, compliance officers, risk managers, and fair lending officers.
- Template for a “gap analysis” to quantify the current loan process, source documentation, volume numbers (applications vs. originations for small business applications), and potential fair lending red flags for underwriting, pricing, fees, and conditional requests
- Template for a training plan, which experts recommend beginning the second quarter of 2023
- CFPB resources for the 1071 rules
- Employee training log
- Interactive quiz
- PDF of slides and speaker’s contact info for follow-up questions
- Attendance certificate provided to self-report CE credits
NOTE: All materials are subject to copyright. Transmission, retransmission, or republishing of any webinar to other institutions or those not employed by your institution is prohibited. Print materials may be copied for eligible participants only.
"Speaker did a good job in setting expectations for what will be needed to comply with Section 1071. It will require much more planning than I initially thought."
- Doug, Baxter Credit Union
Compliance Training & Consulting for Financial Institutions
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