Section 1071 Final Rule Highlights & Effective Dates

After This Webinar You’ll Be Able To:

• Determine if the new Section 1071 rules apply to your financial institution
• 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 promised to publish a final rule regarding Section 1071 by March 31, 2023, for the sweeping changes in collecting data for minority- and women-owned small business applications. 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

NOTE: All materials are subject to copyright. Transmission, retransmission, or republishing of any webinar to other institutions or those not employed by your agency is prohibited. Print materials may be copied for eligible participants only.

Presenter
Susan Costonis, CRCM – 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. Costonis 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. Costonis 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.

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