What Frontline Employees Should Know About Small Business Data Reporting (Section 1071)
On March 30, 2023, the Consumer Financial Protection Bureau (CFPB) issued the Small Business Lending under the Equal Credit Opportunity Act (Regulation B) final rule, which implements the small business lending data collection requirements set forth in Section 1071 of the Dodd-Frank Act.
The final rule amends Regulation B to require covered financial institutions to collect and report certain data about covered applications from small businesses and allows for the creation of the first comprehensive public database that covers small business lending practices.
For many institutions, business lending is a manual process that requires gathering of documents, creation of spreadsheets, printing, filing loan documents, reviewing financials, etc. Even if the new data fields are being collected through automation, the data is not often in a readily accessible format.
Section 1071, and the collection of these new data fields, will forever change this process and present problems for most lenders. Join us 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.
What You’ll Learn
Who Should Attend
This session is designed for frontline staff, marketing, commercial and agricultural lenders and their staff, loan operations, credit analysis, branch managers, any employees that are involved with commercial and Ag lending, anyone that wants more information on 1071, board of directors, senior management, compliance employees, and compliance champions.
