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Online: Small Business Lending Rule (1071): In-Depth (Individual)

Online: Small Business Lending Rule (1071): In-Depth (Individual)

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$299.00 - Online: Small Business Lending Rule (1071): In-Depth (Individual) - Non-Member

$179.00 - Online: Small Business Lending Rule (1071): In-Depth (Individual) - Member
Description
The Small Business Lending Rule (aka 1071) requires financial institutions collect and report to the CFPB certain data regarding applications for credit for women-owned, minority-owned, and small businesses in order to facilitate enforcement of fair lending laws, and enable communities, governmental entities, and creditors to identify business and community development needs and opportunities. This course will provide the details of the new subpart B to regulation B in order to comply with the Small Business Data Collection requirements. This course is intended for compliance professionals.
 
Rev–May 2024
 
Course length ≈ 75 minutes
 
Learning Objectives:
  • State the purpose of Section 1071
  • Identify whether or not a financial institution is a Small Business Data Collection reporter
  • Identify the transactions that are applicable for reporting
  • Know when to report covered loans
  • Identify the data collection points
  • Ensure compliance with the firewall rules
  • Ensure compliance with disclosure requirements
Course Outline:
  • Covered Financial Institutions & Effective Dates
  • Covered Transactions
  • Covered Applications
  • Data Points
  • Demographic Data Collection & Disclosures
  • Firewall
  • Disclosure of Available Data
  • Recordkeeping
  • Policies & Procedures
This course is worth 1.25 CPE credit. – Course ID# P4927EN
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