Description:
Section 1071 has undergone significant regulatory changes, leaving many financial institutions working to understand what the current requirements mean for their small business lending operations. While the scope and expectations have evolved, the importance of understanding the rule, evaluating its impact, and establishing an effective compliance approach remains.
This 90-minute webinar takes a practical look at Section 1071 and the evolving regulatory landscape surrounding small business lending data collection and reporting. We’ll explore the purpose of Section 1071, key changes to the regulatory framework, and the requirements institutions need to understand as they evaluate their compliance responsibilities.
The discussion will focus on the data collection process, application-related requirements, identifying and capturing applicable data fields, and the operational challenges that can arise when incorporating these requirements into existing lending practices. We’ll also examine the connections between Section 1071, Fair Lending, and Community Reinvestment Act (CRA) considerations, including how small business lending data may inform broader compliance oversight.
Whether your institution is reassessing its approach or working to build a sustainable compliance framework, this session will help you make sense of the changes and identify practical considerations for moving forward.
WHAT YOU WILL LEARN
- Understand the Section 1071 Framework: Review the purpose of Section 1071, its regulatory history, and the current framework governing small business lending data collection and reporting.
- Recognize Key Regulatory Changes: Explore significant changes to the original rule and understand how those changes affect the compliance landscape for covered financial institutions.
- Understand Data Collection Requirements: Review the data elements associated with small business lending and the considerations involved in identifying, collecting, and maintaining accurate information.
- Navigate Application and Data Collection Challenges: Examine application-related requirements, free-form fields, and potential challenges in capturing information consistently throughout the lending process.
- Connect Section 1071 with Fair Lending and CRA: Understand how small business lending data intersects with fair lending oversight and CRA program considerations.
- Evaluate Operational Impacts: Consider how Section 1071 may affect commercial lending processes, internal workflows, policies, procedures, and coordination among departments.
- Establish a Practical Compliance Approach: Identify ways to support management oversight, communicate expectations to commercial lending teams, and develop a sustainable approach to Section 1071 compliance.
WHO SHOULD ATTEND?
This webinar is designed for compliance officers, CRA and Fair Lending professionals, commercial lending personnel, loan operations staff, internal auditors, risk management professionals, and senior management. It is particularly valuable for individuals responsible for understanding, overseeing, or supporting their institution’s small business lending compliance responsibilities.
Presenters:
Kimberly Boatwright, CRCM, CAMS, FLE
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.
February 10, 2027