The proposed revisions to Regulation B represent one of the most significant new regulatory events in recent history. All financial institutions, except those that originate less than 25 “covered credit transactions” to “small businesses” in each of the two preceding calendar years, must implement a full compliance management system, including policies, procedures, training, and audit.
Participants receive a detailed manual that serves as a handbook long after the program is completed.
What You’ll Learn
- Who is covered by the new regulation
- The definition of “small business”
- The definition of “application”
- Which transactions are reportable and which are exempt from reporting
- The 21 data fields to be collected
- The data collection form
- The tolerances applied to the collected data
- The “firewall” concept
- Rules for reporting data to the CFPB
- What data gets published, when it gets published, and how it gets published
- Recordkeeping requirements
- Enforcement provisions
- Likely effective date of the rule
- Steps to successful implementation of the new rules
Who Should Attend
The program is designed for the board of directors, senior management, loan officers, compliance officers, training staff, and auditors.