Download our FREE Section 1071 guide, “An Introduction to Section 1071: Small Business Lending Data Collection Requirements,” to understand how the latest regulatory changes will reshape the landscape of small business lending.
Written by the experts here at COMPLIANCE RESORUCE, this paper will help you…
- Comprehensive Overview of Section 1071: Gain a thorough understanding of the key elements of the new regulation and its implications for financial institutions.
- Implementation Timeline: Learn about the critical dates for compliance, including the effective and compliance dates, so you can stay ahead of the curve.
- Data Collection Requirements: Explore detailed explanations of the types of data financial institutions need to collect, from unique identifiers to business demographics.
- Challenges and Solutions: Identify the main challenges banks will face in implementing these new requirements and practical solutions to overcome them.
- Best Practices for Compliance: Get actionable recommendations on how to implement Section 1071 with minimal disruption to your operations.
- Leveraging Technology and Third Parties: Discover how technology and third-party vendors can streamline data collection and reporting processes.
- Training and Preparation: Understand the importance of early preparation and comprehensive training to ensure your institution is ready for the new compliance landscape.
Get your copy today and prepare your compliance team with the insights and strategies needed to navigate the most significant regulatory shift in over two decades!
As always, if you have any questions or feedback, please get in touch with us at support@mycomplianceresource.com.
Need more Small Business Data Collection preparation? We’ve got a few upcoming classes which may help…
- Section 1071 Compliance – The Complete Three-Part Series
This comprehensive three-part webinar series has been carefully crafted to help you implement the necessary changes within your institution and achieve compliance with Section 1071. - Section 1071 Frontline Bootcamp
This 90-minute session focuses on preparing your institution’s frontline, including commercial loan officers, with a solid understanding of Section 1071 and how it will impact current processes, your organization, and their jobs. - Conducting a Section 1071 Gap Analysis
Together, we’ll examine the requirements of this new regulation, analyze what elements may already be a part of your lending program, and discuss how to strengthen areas that may be deficient.