Description
* 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.
WHAT
This one-hour recording outlines the components of, and how to conduct, a Gap Analysis for Section 1071. The objective of the recording is to help attendees more fully understand the 21 new reporting requirements and what that means for the institution.
Together, we’ll dive into the proposed requirements, analyze what elements may already be a part of your lending program, and how to strengthen areas that may be deficient.
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. Purchase to gain critical insights and come away with the tools you need to carry out an effective Gap Analysis.
WHAT YOU WILL LEARN:
- Why a Gap Analysis is so important and how it’s findings should influence your program
- How to share Gap Analysis findings with the Board, Senior Management, and employees for more meaningful risk-based discussions
- How (and why) you need to start budgeting for 1071 now
- Actionable tips for creating and conducting an effective 1071 Gap Analysis
WHO
The recording is designed for the board of directors, senior management, loan officers, compliance officers, training staff, Commercial and Ag lending Staff, and auditors.
