This webinar will take a deep dive into the proposal that will implement the small business data collection and reporting requirements found in Section 1071 of the Dodd-Frank Act. This rule will have a major impact within the commercial lending areas of most financial instititutions. Start planning today!
This proposal requires covered institutions to collect and report certain data for small business credit applications. This includes information specific to the credit request, such as the purpose and amount; information specific to the business, such as the number of workers and time in business; and information on the demographics of the principal owners or ownership status. This data would need to be reported annually to the CFPB.
While this is still a proposal, it will happen. Now is the time to learn what you can about the proposed requirements and what the potential impact will be to your institution.
What You Will Learn
- Does the Rule Apply to Your Financial Institution?
- Covered Applications, Transactions & Exclusions in Detail
- What is a Small Business?
- Detailed Breakdown of the Required Data
- Recommendations for Your CMS, Change Management & Action Plan
- Proposed Effective Dates & Mandatory Compliance Dates
- Your Questions, Plain English Answers & Much More
Who Should Attend?
This webinar is designed for the management, compliance officers, auditors, loan officers, loan processors and other loan operations personnel.