1071 – Where Are We Now?

June 26, 2024



The CFPB’s final rule to implement Section 1071 of the Dodd-Frank Act was finalized on March 30, 2023. Since then, there have been multiple lawsuits against the legality of the CFPB’s funding structure and the implementation of these final rules. This webinar delves into the final rule, what elements are expected to cause issues, and what your institution needs to know to ease the regulatory burden.

As you’re aware, implementing the changes needed to comply with Section 1071 of Regulation B will require a full compliance management program, including new policies, procedures, training, auditing, and will impact budgeting for several years. In addition to key definitions, effective dates, and the required data fields, you’ll come away from this session with a firm grasp on…

  • Which types of transactions are exempt from reporting.
  • The tolerances applied to the collected data.
  • How to report data to the CFPB.
  • Important recordkeeping requirements.

And more.

When you join us June 26th, you’ll come away with an understanding of:

  • The scope of Section 1071 and its impact on your institution.
  • How the lawsuits have impacted implementation.
  • Actionable steps for implementing the new rules as efficiently as possible within your institution.
  • The required data fields and find out how to begin collecting them.
  • How to identify additional resources that may be required to achieve compliance, including budgeting, staffing, tools & training.
  • Strategies for what you should be doing now.
  • How to communicate the impact of Section 1071 on the institution to the board, senior management, and commercial lending teams.
  • How to establish a proactive plan to acclimate employees and customers to changes in the lending process.

Who should attend:

This session is designed for anyone who needs a better understanding of Section 1071’s final rule. It may be particularly beneficial for compliance officers, as well as those working in commercial lending, compliance, training, loan services, auditing, and senior management.


Reminder: Your registration includes a playback of the session, which is available after the session concludes. 


Kimberly Boatwright

Kimberly Boatwright is EVP and Director of Risk and Compliance at Compliance Resource, LLC and has more than a two decades of experience working in the financial services industry. Ms. Boatwright is a well-regarded financial industry risk and compliance professional with a strong background in program development and implementation. She is a thought leader who specializes in Fair Lending, Anti-Money Laundering, OFAC and consumer compliance. During her career she has worked for and consulted with all types of financial institutions helping to establish and evolve compliance and risk programs. She is a frequent public speaker, trainer, and author on compliance and risk management topics. Kimberly is a Certified Regulatory Compliance Manager and a Certified Anti-Money Laundering Specialist.

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Price: $325.00
Start Time: 2:00 pm EDT
End Time: 3:30 pm EDT

June 26, 2024

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