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1071 Small Business Data Collection and Submission: Where Are We Now? Webinar

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The Final Rule on Small Business Lending Data Collection will require lenders to collect and submit to data on small business loan applications by June 1st of each year. In this webinar, we’ll dive deep into the rule, so you can zero in on which areas of the institution are affected by the requirements. We’ll also examine the many data requirements – what they mean, how they’re defined, how to collect them, and ultimately submit them. This rule will have a heavy load on the technology and automation functions of the institution, and we’ll discuss some best practices in this area.

We’ll also talk about what this data means from a fair lending standpoint, including the public nature of the information and some suggestions for fair lending analytics, as well as policy and procedure impacts. Join us for this in-depth discussion of the rule so you can best prepare for implementation, operationally, technologically and culturally.

What You’ll Learn

  • Current status of the rule – who is affected and what can we look forward to?
  • The Final Rule – finding helpful resources for compliance
  • Coverage thresholds and timing requirements, including the transitional provision
  • Interplay between this rule, HMDA, and CRA reporting requirements
  • Collecting demographic information – forms, verifications, policies, procedures
  • Technology implications of submission requirements
  • Firewall requirement and preventing improper access to the data
  • Safe harbor and bona fide errors provisions
  • CFPB’s policy guidance on supervisory and enforcement activities

Who Should Attend
Anyone involved in small business lending, particularly the application part of the process, including commercial lenders, processors, front-line staff, commercial lending support staff, as well as compliance professionals, auditors, risk managers and officers, line of business managers, and executive management and directors, would benefit from understanding the requirements of this extensive new rule.