1071 Rule FAQs: Are You IN or OUT in 2025?
Section 1071 of the Dodd-Frank Act requires creditors to determine if a business is a small business, minority-owned, or women-owned. Do you know if your organization is covered by the rules? When does data collection start? What are covered credit transactions? What is a small business? What is the “firewall” and how is access to information restricted? What is the record-retention requirement? This timely webinar will answer these frequently asked questions and more.
AFTER THIS WEBINAR YOU’LL BE ABLE TO:
- Determine if your financial institution is covered by the rules and when data collection must begin
- Compare the current procedures for small business loan applications to the potential sweeping changes required by the rules
- Understand the criteria to identify the number of small business originations for the two preceding calendar years
- Use the materials to develop a game plan for implementation
- Identify the elements for writing 1071 policies and procedures
WEBINAR DETAILS
The CFPB’s Section 1071 rules for small business lending data collection are the most extensive effort to gather loan application information in almost 50 years. Early preparation and planning can save time, money, and headaches. Join us to learn what data should be included in a gap analysis to determine the scope of impact.
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.
