Section 1071 may be the most talked-about federal regulatory topic in banking right now. Stop by and review all of the resources that Compliance Alliance has created for compliance teams and their boards of directors to stay informed and work through this together.
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C/A Webinar – Deep Dive into the Section 1071 Final Rule
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Webinar Description: Congress directed the CFPB to adopt regulations governing the collection of small business lending data and Section 1071 of the Dodd-Frank Act amended the ECOA to require financial institutions to comply, maintain, and submit certain data on application for credit for women-owned, minority-owned, and small businesses.
This webinar will examine, review and analyze the CFPB’s Final Rule and will include a walkthrough of definitions, covered transactions, data collection requirements, and limitation and recordkeeping requirements.
Materials:
- Download the presentation slides: Deep Dive Into the Section 1071 Final Rule Webinar (04/2023)
- Download the desk manual: Deep Dive Into the Section 1071 Final Rule Webinar (04/2023)
Banking Matters Podcast
Banking Matters Podcast Episode on Section 1071 – with Victoria E. Stephen, JD, CRCM
(published 04/21/2023)
Description: In this special episode of Banking Matters, our very own Victoria E. Stephen, JD, CRCM, Senior Vice President and Deputy General Counsel talks with host, Daniel Baker, to discuss all things Section 1071. Join them as they deep dive into what 1071 is, the impact on community banks, and the resources available.
Compliance Minutes
Compliance Minutes are short videos on regulatory compliance rules or regulations taken directly from recent or frequently asked questions from members. These brief refreshers guide compliance professionals to a better understanding of complex regulatory topics.
Compliance Minute: Will My Institution Be Covered?
(published 04/17/23)
Description: In this Compliance Minute, Victoria E. Stephen provides a brief overview of the new Section 1071 Final Rule, focusing on whether your institution may be “covered financial institution” subject to the new rules.
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Compliance Minute: Sole Proprietorships
(published 10/04/23)
Description: In this week’s Compliance Minute, Victoria Stephen walks you through various changes and considerations involved with the collection and reporting of sole proprietorship information under the new Section 1071 Final Rule.
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Compliance Minute: Covered Originations
(published 9/27/23)
Description: In this week’s Compliance Minute, Victoria Stephen walks you through various scenarios that are and are not counted as a “covered origination” under the new Section 1071 Final Rule.
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Compliance Minute: Demographic Data
(published 7/26/23)
Description: In this Compliance Minute, Victoria Stephen walks you through various changes and considerations involved with the collection and reporting of demographic data under the new Section 1071 Final Rule.
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Compliance Minute: 1071 Updates
(published 12/07/23)
Description: In this week’s Compliance Minute, Victoria Stephen tracks recent developments in the Section 1071 Small Business Lending Final Rule saga, including several injunctions that have been imposed until the U.S. Supreme Court rules on the constitutionality of the CFPB’s funding.
Tool Segments
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Small Business Lending Rule: Key Dates For Collecting and Reporting Data
(published 8/22/24)
Description: In this tool segment, Kelly Owsley will cover the much anticipated revised compliance dates for collection and reporting of small business lending data. The CFPB recently updated these important dates in light of court orders from ongoing litigation. Don’t miss this opportunity to ensure your financial institution remains compliant by collecting and reporting data timely through the use of this 1071 tool!
In addition, feel free to browse all of our other Section 1071 tools and articles here: