2023 Section 1071 Final Rule Highlights Webinar Recording

Member Fee:  $165
Non-Member Fee:  $265

Speaker:  Susan Costonis, Compliance Consulting & Training

On March 30, 2023 the CFPB published the long-awaited rules that will require data collection and reporting for minority and women-owned small business applications. Industry experts have predicted that the implementation of the “Section 1071 Rules” for loan applications from small businesses owned by women and minorities will be the greatest compliance challenge in the last 20 years. There is no “model” application form for small business loans.  What changes will be required to collect the required information?  Does the current loan application system have the capacity to capture the required information? Attend this webinar to learn the key requirements and develop an action plan and get that latest on the new rules. 

After this webinar you'll be able to:

  • Determine if the new 1071 rules apply to your bank and WHEN your bank will be required to begin compliance. There are three compliance data tiers; see the details:
  • Lenders that originate at least 2,500 small business loans annually must collect data starting October 1, 2024. 
  • Lenders that originate at least 500 loans annually must collect data starting April 1, 2025. 
  • Lenders that originate at least 100 loans annually must collect data starting January 1, 2026. 
  • 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 required data requirements to employees and to small businesses
  • Develop a game plan based on the effective date and mandatory compliance date

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; experts recommend beginning in the first quarter of 2023
  • CFPB resources for the 1071 rules
5/3/2023 - 11/3/2023

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