Overview
This session focuses on preparing your institution’s frontline, including commercial loan officers, with a solid understanding of Section 1071 and how it will impact current processes, your organization and their jobs.
On March 30, 2023, the Consumer Financial Protection Bureau issued the Small Business Lending Rule under the Equal Credit Opportunity Act (Regulation B) 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.
Topics
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.
You and your frontline will come away with a thorough understanding of:
- what Section 1071 is and why it will be the largest and most impactful compliance initiative in the last 20 years
- how 1071 will impact your financial institution and frontline worker’s jobs
- what are the proposed “covered transactions” and small business definitions
- what resources to consider when preparing for 1071
- what should be done now to prepare
Speaker
Kimberly Boatwright
Kimberly Boatwright has more than two decades of experience working in the financial services industry. Boatwright is a well-regarded financial industry risk and compliance professional with a strong background in program development and implementation. She is a thought leader who specializes in Fair Lending, Anti-Money Laundering, OFAC and consumer compliance. During her career, she has worked for and consulted with all types of financial institutions helping to establish and evolve compliance and risk programs. She is a frequent public speaker, trainer and author on compliance and risk management topics. Boatwright is a Certified Regulatory Compliance Manager, Certified Anti-Money Laundering Specialist and a fair lending expert.
For More Information
Contact the MBA Education Department at 573-636-8151 or email.