Section 1071 Frontline Bootcamp: What your “Frontline” Needs to Know Now!

December 14, 2022

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Description:

Register by November 4th and take advantage of our Early Bird Pricing!

All registrations to Compliance Resource webinars include five live connections AND the recording of the webinar (guaranteed for one year).

Section 1071 Frontline Bootcamp: What your “Frontline” Need to Know Now! has been submitted to ABA Professional Certifications for CE credit review and is pending approval. Once we receive notification of the credit approval, we will notify attendees.

WHAT

This one-hour training session focuses on preparing your institution’s “front line,” including commercial loan officers, with a solid understanding of the Section 1071 and how it will impact current processes, your organization, and their jobs.

The CFPB’s new “HMDA-like” proposal includes the collection of 21 new data fields designed to allow regulators to analyze all small business lending for possible fair lending issues. Collection, validation, and annual transmission to the government of race, ethnicity, gender, marital status, and other information will be required.

Your regulator will be looking for lending disparity in small business lending and it is more important than ever to ensure your front line is prepared!

For many institutions, business lending is a manual process that requires gathering of documents, creation of spreadsheets, printing, filing loan documents, reviewing financials, etc. Even if the new data fields are being collected through automation, the data is not often in a readily accessible format. 1071, and the collection of these new 21 data fields, will forever change this process and present problems for most lenders. Join us DATE & TIME and learn to prepare effectively and address these changes.

WHY

On September 1, 2021, the CFPB issued a proposed rule to amend Regulation B to implement Section 1071 changes to ECOA.

In the proposed rule, the CFPB outlines a requirement for covered financial institutions to begin collecting and reporting data on small business credit applications including those small businesses owned by minorities and women. The essence of 1071 is the collection and accurate reporting of small business and agricultural data to the CFPB to ensure all borrowers receive equal treatment.

This will be one of the largest regulatory implementations in the last two decades. Walk away form this session with more clarity and an in-depth deck outlining the challenges and providing guidance for preparation.

WHAT WILL YOU LEARN:

  • What Section 1071 is and why it will be the largest and most impactful compliance initiative in the last 20 years
  • How 1071 will impact your financial institution and front-line worker’s jobs
  • What are the proposed “covered transactions” and small business definitions
  • What resources to consider when preparing for 1071
  • What should be done now to prepare

WHO

This session has been specially designed for:

  • Frontline Staff
    Marketing, Commercial and Agricultural Lenders and their staff.
  • Loan Operations, Credit Analysis, Branch Managers
    Any employees that are involved with commercial and Ag Lending.
  • Anyone that wants more information on 1071
    Board of Directors, Senior Management, Compliance Employees, Compliance Champions.

*This program will start at 12:00 PM EST, 11:00 AM CST, 10:00 PM MST, or 9:00 AM PST

**Recording Included

This webinar will be recorded and sent to all registrants. You will receive links to the recording following the program. These recordings have unlimited viewings and are available for up to one year.

Register by November 4th and take advantage of our Early Bird Pricing!

Presenters:

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: $199.00
Start Time: 12:00 pm EST
End Time: 1:00 pm EST
Date:

December 14, 2022

Register Now:

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