Section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) amends the Equal Credit Opportunity Act (ECOA) with respect to collecting and reporting certain data on small business credit applications, including those that are minority-owned and women-owned. It also calls for safeguarding that data, shielding it from certain persons within your loan process, recordkeeping requirements and more. Preparing to comply with this Rule will require a lot of planning, training and procedural updates within your institution.
Jerod Moyer will bring you plain English solutions!
What You’ll Learn
- The Latest Updates
- Financial Institution Coverage & Mandatory Compliance Dates
- Covered Applications: What’s In and What’s Out?
- Gross Annual Revenues and Small Businesses
- Required Data & The Data Collection Process (Time & Manner)
- Restricted Data: Business Ownership Status & Demographic Information
- The “Firewall” and Recordkeeping Requirements
- Your Questions, Plain English Answers & Much More!
Who Should Attend
This webinar is designed for management, loan officers, loan processors, compliance, audit and loan operations personnel.