Compliance Class: Introduction to the 1071 Final Rule
Well, the wait is over. After years of waiting since Section 1071 was included in the Dodd-Frank act of 2010, the CFPB has finally released a rule that amends Regulation B to require small business lending data collection and reporting from certain financial institutions. This long anticipated HMDA-like rule will apply to applications from certain “small businesses”, meaning that this rule will generally apply to commercial lending departments and those originating small business loans.
The challenge with this rule, of course, is that the final rule released by the CFPB is 888 pages long, meaning that it will take some significant amounts of time and work to both 1) comprehend this rule and 2) figure out how to apply this rule into our organizations.
From our experience, it can be extremely difficult to comprehend these types of new, massive rules. For this reason, we believe these types of rules are best understood by learning them one step at a time - rather than all at once. The reality is that a comprehensive, all inclusive training program on every detail of the 1071 final rule would likely leave attendees somewhat overwhelmed due to the large amount of information they would be attempting to absorb. For this reason, we have chosen to create our Introduction to the 1071 Final Rule program as a first step in understanding and absorbing this new compliance requirement.
Our Introduction to the 1071 Final Rule class provides an overview of the new rule by helping attendees understand who must comply with the new rule, when reporting must begin, what data must be reported (general overview), and what steps need to be taken to start implementing the new rule.
Specifically, this program will help attendees answer the following questions:
Is my institution covered under the final rule?
When must my institution begin reporting?
What steps do I need to take to implement this program in my organization?
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 Introduction to the 1071 Final Rule program:
Individual Class. The easiest way to access our new Introduction to the 1071 Final Rule program is to purchase our stand-alone class at the purchase option below. This option focuses solely on the new 1071 final rule and is a great way to quickly understand the main elements of the rule and how they apply to your organization.
Spring 2023 Quarterly Compliance Update. The Introduction to the 1071 Final Rule class will be included as Part II of our Spring 2023 Quarterly Compliance Update (which will be available in early-mid May). Our Spring 2023 Quarterly Compliance Update will cover regulatory activity that took place during the first quarter of 2023, which, of course, includes the 1071 final rule. Plus, our Spring 2023 Quarterly Compliance Update includes a few more continuing education credits than just our 1071 Final Rule program for those who need them. NOTE: If you are interested in our Spring 2023 Quarterly Update program but would like to access our new Introduction to the 1071 Final Rule class now, contact us and we can work something out.
Premium Gold or Premium Pro Membership. The final way our Introduction to the 1071 Final Rule 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. While the next enrollment period for our premium membership won’t open until later this summer, you can learn more about our premium memberships at www.compliancecohort.com/premium-membership.
Class Pricing
SALE PRICE: $309 (Regular Price: $349) NOTE: This program is automatically available for premium members.
ADD ON: Get the class “+ Unlimited Employees” for just $129 more ($438 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.