Preparation for Dodd Frank Act – 1071 Proposal
As we’ve previously reported, the CFPB (Consumer Financial Protection Bureau) issued a proposal to implement Section 1071 of the Dodd-Frank Act in September. While just a proposal, the “Small Business Lending Data Collection under the Equal Credit Opportunity Act (Regulation B)” will become a reality at some point and will greatly alter procedures and processes for your small business and commercial lenders. The CFPB is accepting comments on the proposal until January 6, 2022, and we encourage you to do so.
In the meantime, we have a variety of resources available to help you get familiar with the proposal and help you begin to think through how this will impact your institution.
- Our Section 1071 Landing Page is now live on our website. This is a one-stop shop for all things Section 1071.
- Our compliance experts have come up with a Section 1071 Action Plan to help guide your efforts in these early stages. In this action plan video, Jerod Moyer explains what steps you should be taking at this point in the process.
- We have webinars! “Small Business Lending Data Collection” is available now OnDemand. This one-hour webinar serves as an introduction the proposed requirements. We also have a two-hour webinar coming up on November 23rd which will take a deeper dive into the proposal and include any new things we’ve learned along the way. So, be sure to register for “Small Business Lending Data Collection – Deep Dive”.
As we begin to navigate these waters, rest assured we will be here to train and guide you!
Amy brings many years of banking and compliance experience to Banker’s Compliance Consulting. She has worked for both large and small financial institutions and spent time working in every area of a bank. She started out as a teller in college and eventually became a branch manager.
Her love, however, was always compliance. Amy began her career with Banker’s Compliance Consulting in 2000. Her knowledge and experiences have allowed her to develop a well-rounded and practical approach to regulatory compliance. Amy is CRCM certified, has a Bachelor’s Degree in Business Administration, and is a graduate of the ABA Compliance School.
Amy & her husband have two children at home and stay busy following their activities. They spend a lot of time in the bleachers!