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Understanding and Implementing the New Regulation B Small Business Loan Data Collection and Reporting Rules

On August 31, 2021, the Consumer Financial Protection Bureau (CFPB) published a 918-page notice of proposed rulemaking (NPRM) to implement Section 1071 of the Dodd-Frank Act. That section amends the Equal Credit Opportunity Act (ECOA) to require financial institutions to collect and report certain data in connection with credit applications made by women- or minority-owned businesses and small businesses.

OnDemand
Recorded Wednesday,
February 22nd, 2023
Presented by Kimberly Boatwright
2h total length
2.5 CRCM Credits
$279.00 or 1 Token

Includes: 30 Days OnDemand Playback, Presenter Materials and Handouts

  • Auditing
  • Commercial/Business Lending
  • Compliance
  • CRA Compliance
  • Lending
  • Lending Compliance
  • Board Member
  • Commercial Lender
  • Community Reinvestment Act Officer
  • Compliance Officer
  • Consumer Lender/Retail Banker
  • Internal Auditor
  • Loan Closer
  • Loan Operations Manager/Specialist
  • Marketing Officer/Business Development
  • Private Banker
  • Risk Manager
  • Senior Management
  • Small Business Lender

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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.

Kimberly Boatwright

Instructor Bio

Kimberly Boatwright is EVP and Director of Risk and Compliance at Compliance Resource, LLC, and has more than two decades of experience working in the financial services industry. Ms. Boatwright is a well-regarded financial industry risk and compliance professional with a strong background in program development and implementation. She is a thought leader who specializes in Fair Lending, Anti-Money Laundering, OFAC, and consumer compliance. During her career, she has worked for and consulted with all types of financial institutions helping to establish and evolve compliance and risk programs. She is a frequent public speaker, trainer, and author on compliance and risk management topics. Kimberly is a Certified Regulatory Compliance Manager and a Certified Anti-Money Laundering Specialist.

Continuing Education Credit Information

Understanding and Implementing the New Regulation B Small Business Loan Data Collection and Reporting Rules 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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