$305.00 – $705.00
Recorded: October 27, 2021
Presented by: Ms. Anetria Cohen, Vice President and Senior Consultant, FORVIS
A two-hour webinar that reviews the CFPB’s proposed rule that implements Section 1071 of the Dodd-Frank Act.
Section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act requires the Consumer Financial Protection Bureau (CFPB) to adopt regulations governing the collection of certain data regarding women-owned, minority-owned, and small businesses. This section is intended to facilitate enforcement of the fair lending laws, as well as enable the government and industry to identify needs and opportunities for such businesses.
On September 1, 2021, the CFPB issued a proposed rule to implement these changes and require covered financial institutions to collect and report to the CFPB data on applications for credit for these types of loans. The almost 1,000 page notice is detailed and complicated, and includes numerous additional rules and clarifications to existing rules and concepts. This rule will require significant training to business/commercial lenders who already struggle with existing compliance requirements or insist there are no compliance requirements for business/commercial loans. The rule specifically prohibits loan officers from encouraging applicants to skip the page that asks for information.
This webinar will review the CFPB’s proposed rule. While this is a proposal and there may be some revisions, it is important for financial institutions to be aware of the potential future requirements. Reviewing this rule for non-HMDA reporters will be especially important, as the proposed rule incorporates certain concepts from Regulation C, the regulation that implements the Home Mortgage Disclosure Act.
HERE’S WHAT YOU’LL LEARN:
Appropriate staff to attend would include any persons involved with business and commercial lending, including compliance officers, loan officers, loan processors, and audit.
Program Level: Intermediate
Prerequisite: Basic Knowledge of Lending Compliance
Advanced Preparation: None
Field of Study: Specialized Knowledge
Any recording, transmission, retransmission, or republishing of any portion of this webinar is prohibited.
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