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Implementing the changes necessary to comply with Section 1071 of Regulation B will likely require a full compliance management system, including updates to policies, procedures, training, and auditing and will impact budgeting for several years.
In addition to key definitions, effective dates, and the required data fields, you’ll also come away from this webinar recording knowing…
- 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 so much more.
- Learn the 5 most important steps you can take to ease the pain of implementing the new rules
- Understand the scope of Section 1071 and its impact on your institution
- Dive into the 21 required data fields and how your institution can begin collecting them
- Identify additional resources that may be required to get compliant, including budgeting, staffing, tools, and training
- Gain actionable strategies for creating and conducting an effective 1071 Gap Analysis
- Learn how to communicate the impact of Section 1071 and its impact on the institution to the board and senior management
- Find out how a preliminary analysis can detect questionable lending patterns
- Understand the “firewall” concept as it relates to loan applications and identify necessary changes so new forms can be in place by the effective date
- Establish a proactive plan to acclimate employees and customers to changes in the lending process
- Come away with a detailed manual that serves as a handbook long after you’ve completed the webinar
This recording was designed for anyone who needs a better understanding of Section 1071 and commercial lending compliance, as well as compliance officers, loan officers, training staff, auditors, senior management, and members of the board.