Five Reasons to Prepare for 1071 Rules: Small Business Reporting for Women & Minority Owned Businesses

On-Demand Webinar:
StreamedFeb 21, 2023Duration60 minutes
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Do you know the top five reasons to start preparing for implementation of the Section 1071 rules?

Some say these new rules will be the biggest compliance challenge in the last 20 years. The CFPB has promised the final rules by March 31, 2023; mandatory compliance will follow in 18 months. Don’t let the long implementation deadline lull you into complacency. 
  • Understand important key dates for the final rule and mandatory compliance
  • Use the materials to develop a game plan for implementation
  • Define key terms like a “covered application,” minority-owned business, women-owned business, and “small business” proposal for a business that had $5 million or less in gross annual revenues for the preceding year
  • Distinguish which data elements may be restricted from access by certain employees
  • Explain the proposed data fields – the 22 fields range from application date to things not mandated by Dodd-Frank, such as “application recipient”
  • Compare the procedures used for small business loan applications today to the potential sweeping changes required by the rules


Industry experts have predicted that the implementation of the “Section 1071 Rules” for loan applications from small businesses owned by women and minorities will be the greatest compliance challenge in the last 20 years. Here’s why you should begin planning now.

  1. The purpose of the 1071 Rules is to require data collection and accurate reporting to ensure that all borrowers receive fair treatment. This data will be available to regulators and community groups. What will it reveal about your financial institution?
  2. There is no “model” application form for small business loans. What changes will be required to collect the required information? Does your current loan application system have the capacity to capture the required information?
  3. Early preparation and planning can save time, money, and headaches. What data should be included in a “gap analysis” to determine the scope of impact?
  4. Effective training will play a critical role in the successful implementation of the new rules.
  5. What should senior management and the board understand about the proposed rules?


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; experts recommend beginning in the first 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.


"It was very informative and gave some good insight to what is coming. The resource materials, I feel, will be very useful as we get closer to the deadline."
- Kristal, Idaho Central Credit Union

Presented By

Susan CostonisSusan Costonis
Compliance Training & Consulting for Financial Institutions