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ECOA Small Business Lending Data Collection

ECOA’s Section 1071 Rule has had an interesting path. Between initial delays in actually getting a Final Rule and then lawsuits regarding the constitutionality of the CFPB, it was kind of in a holding pattern. However, on May 16, 2024, the Supreme Court ruled the CFPB’s funding structure is constitutional, which officially kicked Section 1071 back into the limelight. As a result, the CFPB also updated the mandatory compliance dates.

OnDemand
Recorded Thursday,
September 5th, 2024
Presented by Jerod Moyer
2h total length
2.5 CRCM Credits
$299.00 or 1 Token

Includes: 30 Days OnDemand Playback, Presenter Materials and Handouts

  • Commercial/Business Lending
  • Compliance
  • General Compliance
  • Lending
  • Lending Compliance
  • Mortgage Lending
  • Reporting
  • Commercial Lender
  • Compliance Officer
  • Internal Auditor
  • Loan Operations Manager/Specialist
  • Mortgage Lender
  • Small Business Lender
  • Training Manager
  • Trainer

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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. This session will bring you plain English solutions!

What You'll Learn

  • The latest updates
  • Financial institution coverage and mandatory compliance dates
  • Covered applications: what’s in and what’s out?
  • Gross annual revenues and small businesses
  • Required data and the data collection process (time and manner)
  • Restricted data: business ownership status and demographic information
  • The “firewall” and recordkeeping requirements
  • Your questions, plain English answers, and much more!

Who Should Attend

This webinar is designed for management, loan officers, loan processors, compliance, audit, and loan operations personnel.

Jerod Moyer

Instructor Bio

Jerod is the leader of Banker's Compliance Consulting's training productions. He is a nationally recognized speaker. Whether it's a conference, seminar, school, webinar or luncheon, it's easy to stay engaged when he presents due to the amount of passion and energy he brings to each and every compliance topic. Jerod has spoken on behalf of the American Banker's Association, BankersOnline, many state banking associations, private compliance groups and financial institutions. He is a Certified Regulatory Compliance Manager (CRCM) and BankersOnline Guru.

Jerod likes to spend his time (between reading regulations and producing compliance training!) relaxing at the lake with his wife and three children, following their activities or engaged in something sports related!

Continuing Education Credit Information

ECOA Small Business Lending Data Collection has been approved for 2.5 CRCM credits. This statement is not an endorsement of this program or its sponsor. Credits are redeemable for both Live and OnDemand viewing. For questions on certificates, please email support@oncourselearning.com. Certification holders must report these credits at https://aba.csod.com.

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