Webinar: Section 1071 Final Rule Highlights & Effective Dates
May 22, 2023 3:00 pm - 4:00 pm
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.
The rule will create the first comprehensive database of small business credit applications in the country. Are you up to speed on the changes?
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 a “small business” covered by the rules
- Explain the data collection requirements to employees and small businesses
- Develop a gameplan based on the effective date and mandatory compliance date
WEBINAR DETAILS
The CFPB has finally issued its long-awaited final rule to implement Section 1071 of the Dodd-Frank Act. Section 1071 amended the Equal Credit Opportunity Act and will require covered financial institutions to collect and report certain data for credit applications from small businesses, including those that are owned by women or minorities. Although the final rule will be effective 90 days after it is published in the Federal Register, compliance will not be required on that date. The rule contains “compliance date tiers” that differ depending on the number of covered originations in 2022 and 2023.
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 webinar to learn the key requirements, develop an action plan, and get the latest on the new rules.
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, source documentation, volume numbers (applications vs. originations for small business applications), and potential fair lending red flags for underwriting, pricing, fees, and conditional requests
- Template for a training plan, which experts recommend beginning the second quarter of 2023
- CFPB resources for the 1071 rules
- 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.