A curated listing of all 1071 products, services, and training offered by COMPLIANCE RESOURCE.
The final rule implementing Section 1071 of Dodd-Frank is complex and presents compliance departments with the largest compliance initiative in years. Given the final rules size, intent, and complexity there are many opportunities for misstep. COMPLIANCE RESOURCE can help ensure you meet the requirements of Section 1071 and Small Business Data Collection effectively.
Below you'll find complimentary tools, resources, upcoming and on-demand training that can ease the regulatory burden and help you achieve compliance. We'll continuously update this page to ensure you are getting the best and latest help with this complex regulation. In short, this page is your comprehensive, curated launch pad for all things Section 1071.
On March 30th, 2023 the CFPB finalized the changes to Reg B and the implementation of Section 1071 of Dodd-Frank. The new rule is designed to increase transparency in small business lending, promote economic development, and combat unlawful discrimination. It will also be the most challenging compliance initiative financial institutions have faced in years.
It is imperative that your compliance department understand the final rule & the impact it will have on your current policies, procedures, and processes.
Join us in an upcoming webinar and get up-to-the-minute insight on Section 1071 from a variety of perspectives.
- How to Conduct a Section 1071 Gap Analysis
Livestreaming Webinar June 20, 2023
This one-hour webinar outlines how to conduct a Gap Analysis for Section 1071. In addition to providing an overview of the regulation's requirements, this session helps you identify what elements may already be a part of your lending program and strengthen areas that may be deficient. - Section 1071 Frontline Bootcamp: What the Frontline Needs to Know Now
Livestreaming Webinar July 18, 2023
Join us July 18th to find out what your institution’s frontline needs to know about the final rule and how to prepare them for upcoming changes to their processes. - Section 1071 Concepts: HMDA 101 for Non-HMDA Filers
Livestreaming Webinar August 14, 2023
Section 1071 exempts HMDA reportable loans from Small Business Data Collection reporting. But what if your institution isn't a HMDA filer? This two-hour session helps you determine which loans may not need to be counted for Section 1071, provides insight into the murky areas of HMDA, and shares how to avoid errors in reported data fields.
We're continuing to develop new Section 1071 training opportunities for you, so stay tuned for more!
Rather than participating in a livestreaming webinar, you can take advantage of our on-demand training opportunities and get the training you need on your own schedule.
- Section 1071 Final Rule: What You Need To Know Now
On-Demand Webinar
Originally recorded April 11, 2023 | 2:00 - 4:00 pm EDT
This session delves into the final rule, how it differs from the proposed requirements, and what your institution needs to know to ease the regulatory burden of this new regulation. - Section 1071 Preparedness Bundle
Developed before the final rule was released, this bundle examines the proposed rules and highlights the scope and impact of Section 1071 on your institution. - Section 1071 Compliance from A to Z - Comprehensive Three-Part Webinar Series
On-Demand Webinar Series
Part One:
In the first part of the series, you’ll gain a clear understanding of what Section 1071 is, how to interpret the final rule, and key definitions you’ll need going forward.
Part Two:
In part two, you’ll learn more about the required data collection fields and how to capture the necessary information.
Part Three:
You’ll come away from the final part of the series with the tools you need to create an effective, sustainable Section 1071 compliance program and get your institution’s commercial lending team on board.
Below you'll find the tools and resources we've created to help make the implementation process as smooth as possible.
- Section 1071 Director and Senior Management Update
We developed the Director and Senior Management Update template as a tool to help our clients and Compliance Masters Group members communicate upcoming regulatory and compliance initiatives to their board and senior management. This completely editable document can also be used to raise awareness about Section 1071 and serve as a training tool for board members who may be unfamiliar with this new regulation. - Top 10 Section 1071 Questions
This informal Q & A session answers 10 of our most frequently received Section 1071 questions. When you access this free on-demand session, you'll also receive a list of more than 30 questions and answers that cover everything from how SBDC requirements will interact with other regulations to operational best practices for implementing Section 1071 at your institution.
The COMPLIANCE RESOURCE blog is the place to find timely industry and compliance updates from our faculty of experts. Here are recent blog articles on Section 1071:
- CFPB Issues Small Business Entity Compliance Guide
Published May 19th by Kimberly Boatwright - We're Overwhelmed with Questions about Section 1071's Final Rule
Published May 16th by Audrey Sullivan - Section 1071 Special Tools & Guidance
Published April 5, 2023 by Jack Holzknecht - Joint Applications and The Final Section 1071 Rule
Published April 3, 2023 by Jack Holzknecht - It's Final! Section 1071 Small Business Data Collection
Published March 30, 2023 by Kimberly Boatwright - 85 Days and Counting! Section 1071 Data Collection
Published January 5, 2023 by Kimberly Boatwright
Helpful tools:
- Filing Instruction Guide for small business lending data collected in 2024
- Small Business Lending Rule: Data Points Chart