Webinar: Game Plan for 1071 Rules
December 17, 2024 3:00 pm - 4:00 pm
The Section 1071 rules have ventured down a long and winding road to finalization.
Do you know whether the rules will apply to your financial institution? What data will be required? When will reporting begin? What qualifies as a “small business”? This timely webinar will distill 888 pages of regulations into the high points you need to know in only 60 minutes!
AFTER THIS WEBINAR YOU’LL BE ABLE TO:
- Determine if the new Section 1071 rules apply to your financial institution and when collection and reporting will be required
- Understand the types of applications that will be covered and the details for exclusions
- Define the types and sizes of “small businesses” covered by the rules
- Explain the data collection requirements to employees and small businesses
- Develop a game plan based on the effective date and mandatory compliance date
WEBINAR DETAILS
The new Section 1071 rules will require lenders to collect and report data on small business loan applications, including those of minority- and women-owned small businesses. This final rule is a “heavy read” at 888 pages. Since there is no “model” application form for small business loans, how will collecting information change? Does the current loan application system have the capacity to capture the required information? Attend this overview to determine if the rule applies to your financial institution and when the mandatory compliance date kicks in.
WHO SHOULD ATTEND?
This informative session is designed for senior management, directors, chief credit officers, commercial lenders, loan administration staff, compliance officers, risk managers, and fair lending officers.
TAKE-AWAY TOOLKIT
- Template for a “gap analysis” to quantify the current loan process and potential fair lending red flags for underwriting, pricing, fees, and conditional requests
- Training plan template
- CFPB tools, including an executive summary, FAQs, compliance date info sheet, and data points chart
- Employee training log
- Interactive quiz
- PDF of slides and speaker’s contact info for follow-up questions
- Attendance certificate provided to self-report CE credits
Speaker: Susan Costonis, Compliance Training & Consulting for Financial Institutions
Susan Costonis is a compliance consultant and trainer who began her career in 1978. She specializes in compliance management along with deposit and lending regulatory training. Susan has successfully managed compliance programs and exams for institutions that ranged from a community bank to large multi-state bank holding companies. She has been a compliance officer for institutions supervised by the OCC, FDIC, and Federal Reserve. Susan has been a Certified Regulatory Compliance Manager since 1998, completed the ABA Graduate Compliance School, and graduated from the University of Akron and the Graduate Banking School of the University of Colorado. She regularly presents to financial institution audiences in several states and “translates” complex regulations into simple concepts by using humor and real-life examples.