In case you missed it, the CFPB recently issued a proposed rule regarding Small Business Lending Data Collection under Section 1071 of the Dodd-Frank Act.
Specifically, the proposal would require covered institutions to collect and report certain data for minority-owned and women-owned small business loan applications. This data will be different than what you currently collect/report for HMDA, CRA, Beneficial Owners, etc. What will that look like for your institution? How will it affect your current procedures and processes?
While this is only a proposal, it still has an impact on your Compliance Management System (CMS) today.
Listen as Jerod explains the CMS implications, as well as when he expects this will all go into effect.
Jerod is the leader of Banker’s Compliance Consulting’s training productions. He is a nationally recognized speaker. Whether it’s a conference, seminar, school, webinar, or luncheon, it’s easy to stay engaged when he presents due to the amount of passion and energy he brings to each and every compliance topic. Jerod has spoken on behalf of the American Bankers’ Association, BankersOnline, many state banking associations, private compliance groups, and financial institutions. He is a Certified Regulatory Compliance Manager (CRCM) and BankersOnline Guru.
Jerod likes to spend his time (between reading regulations and producing compliance training!) relaxing at the lake with his wife and three children, following their activities or engaged in something sports related!