Small Business Data Collection Proposal: CMS Implications

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.

We have a one-hour webinar, “Small Business Lending Data Collection”, coming up on September 29th that cover everything you need to know about the proposed requirements.  Understanding what’s potentially required will help you better craft a comment letter if you choose to do so.

This will also be a featured topic at our 2021 Virtual Lending Conference which begins on October 13th.

Ready to learn more about CMS in general?  Check out our six-part webinar series, “Compliance Management” today!


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