Over the last year, things around the 1071/Small Business Lending final rule have been uncertain. There have been law suits, court stays, and even an attempt by congress to override the 1071 final rule. Yet, all of that uncertainty seems to now be behind us as the Supreme Court made a ruling and the CFPB has issued an interim final rule that puts 1071 back on track. Therefore, financial institutions - including those who may have put the 1071/Small Business Lending final rule on hold - must now regroup and begin their efforts to implement this new complex and challenging rule.
Section 1071 of the Dodd-Frank Act amended the Equal Credit Opportunity Act (ECOA) to require financial institutions to compile data regarding certain business credit applications and report that data to the CFPB. On March 30, 2023, the Consumer Financial Protection Bureau (CFPB) issued the small business lending rule (final rule), which implements the small business lending data collection requirements set forth in section 1071 of the Dodd-Frank Act (Section 1071) by adding a new subsection to Regulation B. This new rule specifies a number of data points that financial institutions are required to collect and report which will help facilitate enforcement of fair lending laws and enabling the identification of business and community development needs and opportunities for women-owned, minority-owned, and small businesses. The final rule also contains a number of other requirements regarding information compiled pursuant to the rule, including a “firewall” requirement that financial institutions restrict certain persons’ access to certain information.
Our 1071 Update -2024 class is designed to help financial institutions understand what they need to do now to get started with implementing the new 1071/Small Business Lending final rule. Specifically, the class begins with an overview of the recent 1071 developments and explains the CFPB’s new implementation dates. Next, our instructor conducts a quick review of some of the key requirements found in the final rule. After that, our program takes a deep dive into understanding who is covered by the rule by reviewing both the institutional and transactional coverage requirements. Then, our program concludes with a list of possible implementation steps to consider, which is designed to help attendees understand the next steps they should take in rolling out this new rule in their organizations.
Who Should Attend This Program?
Our Introduction to the 1071 Final Rule Compliance Class would be good for compliance officers and compliance professionals, risk managers, commercial lending managers, commercial lenders, auditors, and anyone else who is responsible for understanding and implementing the 1071 final rule in their organizations.
Ways to Access This Class
There will actually be three different ways to access our 1071 Update - 2024 program:
Individual Class. The easiest way to access our 1071 Update - 2024 program is to purchase our stand-alone class at the purchase option below. This option focuses solely on the 1071 final rule updates.
Summer 2024 Quarterly Compliance Update. The 1071 Update - 2024 class is included as Part II of our Summer 2024 Quarterly Compliance Update. Our Summer 2024 Quarterly Compliance Update will cover regulatory activity that took place during the second quarter of 2024, which, of course, includes the latest developments to the 1071 final rule. NOTE: If you are interested in our Summer 2024 Quarterly Update program, go to www.compliancecohort.com/summer-2024-quarterly-compliance-update.
Premium Gold or Premium Pro Membership. The final way our 1071 Update - 2024 program can be accessed is through one of our premium memberships. That’s right! We have automatically included this program for all of our premium members as a perk of their premium membership. Our premium membership enrollment is on-going and you can learn more about our premium memberships at www.compliancecohort.com/premium-membership.
Class Pricing
Regular Price: $349
ADD ON: Get the class “+ Unlimited Employees” for just $129 more ($428 total). Add a private portal for anyone in your organization to view this program for an additional $129. Access is still available for 60 days, so those in your organization must view the program during your 60 day access window. Limit of 5 total Certificates of Attendance, though anyone in your organization can view the program through the portal we set up.
Demo Available: If you would like to demo this class before you purchase it to make sure it's what you are looking for, just let us know and we can set you up with preview access.