Overview
On March 30, 2023, the Consumer Financial Protection Bureau published an 888-page final rule to implement Section 1071 of the Dodd-Frank Act. That section amends the Equal Credit Opportunity Act to require financial institutions to collect and report certain data in connection with credit applications made by women- or minority-owned businesses and small businesses.
The session delves into the final rule, how it differs from the proposed requirements and what your institution needs to know to ease the regulatory burden and make the implementation process as smooth as possible.
Topics
- Understand the scope of Section 1071 and its impact on your institution.
- Come away with actionable steps for implementing the new rules as efficiently as possible within your institution.
- Examine the required data fields and find out how to begin collecting them.
- Identify additional resources that may be required to achieve compliance, including budgeting, staffing, tools and training.
- Gain strategies for conducting Section 1071 Gap Analysis.
- Learn how to communicate the impact of Section 1071 on the institution to the board, senior management and commercial lending teams.
- Find out how to establish a proactive plan to acclimate employees and customers to changes in the lending process.
- Come away with a detailed manual that can serve as a handbook long after you’ve completed the webinar.
Continuing Education
This seminar has been submitted for American Bankers Association (ABA) Professional Certifications and continuing professional education on the National Registry (CPE).
Dietary Restrictions and Disabilities
If you have any dietary restrictions or any disabilities that require special assistance, contact MBA at 573-636-8151 and explain how we may best accommodate your needs.
For More Information
Contact the MBA Education Department at 573-636-8151 or email.
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