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This one-hour training session focuses on preparing your institution’s “front line,” including commercial loan officers, with a solid understanding of the Section 1071 and how it will impact current processes, your organization, and their jobs.
The CFPB’s new “HMDA-like” proposal includes the collection of 21 new data fields designed to allow regulators to analyze all small business lending for possible fair lending issues. Collection, validation, and annual transmission to the government of race, ethnicity, gender, marital status, and other information will be required.
Your regulator will be looking for lending disparity in small business lending and it is more important than ever to ensure your front line is prepared!
For many institutions, business lending is a manual process that requires gathering of documents, creation of spreadsheets, printing, filing loan documents, reviewing financials, etc. Even if the new data fields are being collected through automation, the data is not often in a readily accessible format. 1071, and the collection of these new 21 data fields, will forever change this process and present problems for most lenders. Join us DATE & TIME and learn to prepare effectively and address these changes.
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. Walk away from this session with more clarity and an in-depth deck outlining the challenges and providing guidance for preparation.
WHAT WILL YOU LEARN:
- What Section 1071 is and why it will be the largest and most impactful compliance initiative in the last 20 years
- How 1071 will impact your financial institution and front-line worker’s jobs
- What are the proposed “covered transactions” and small business definitions
- What resources to consider when preparing for 1071
- What should be done now to prepare
This recording has been specially designed for:
- Frontline Staff
Marketing, Commercial and Agricultural Lenders and their staff.
- Loan Operations, Credit Analysis, Branch Managers
Any employees that are involved with commercial and Ag Lending.
- Anyone that wants more information on 1071
Board of Directors, Senior Management, Compliance Employees, Compliance Champions.