Description
Since the CFPB’s final rule implementing Section 1071 of the Dodd-Frank Act was finalized on March 30, 2023, there have been multiple lawsuits against the legality of the CFPB’s funding structure, putting Section 1071 on-hold. However, the CFPB was declared constitutional earlier this month and Section 1071 is a go! Purchase access to this on-demand session to get reacquainted with the law and find out what you need to do to prepare.
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.
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
This on-demand 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.
* Please note that the recording links will be delivered to you via a downloadable PDF in your confirmation e-mail. The PowerPoint that corresponds with the recording will be automatically delivered upon purchasing via email from the website.
