The CFPB’s final rule to implement Section 1071 of the Dodd-Frank Act was released on March 30, 2023. This recorded webinar took place just three weeks later. It delves into the final rule, how it differs from the proposed requirements, and what your institution needs to know to ease the regulatory burden and make the implementation process as smooth as possible.
As you’re probably aware, implementing the changes needed to comply with Section 1071 of Regulation B will likely require a full compliance management system, including updates to 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 understanding…
- 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.
When you unpack the final rule, you’ll:
- Understand the scope of Section 1071 and its impact on your institution.
- Come away with actionable steps for implementing the new rules as efficiently as possible within your institution.
- Examine the required data fields and find out to begin collecting them.
- Identify additional resources that may be required to achieve compliance, including budgeting, staffing, tools & training.
- Gain strategies for conducting a Section 1071 Gap Analysis.
- Learn how to communicate the impact of Section 1071 on the institution to the board, senior management, and commercial lending teams.
- Find out how to establish a proactive plan to acclimate employees and customers to changes in the lending process.
- Come away with a detailed manual that can serve as a handbook long after you’ve completed the webinar.
This recording 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.