Section 1071 Bank Coverage

In case you missed it, on March 30, 2023, the CFPB issued its Final Rule for Small Business Lending under the Equal Credit Opportunity Act (aka Section 1071). The Final Rule outlines the requirements to collect and report certain data of small business credit applications, including those that are minority-owned and women-owned.

One of the first things you need to determine is whether your financial institution is subject to the new Rule.

Jerod explains more in the video.


1071 Resources!

Video Highlights:

  • The loan volume threshold in the proposal (25) was increased to 100 in the Final Rule.
  • The loan volume threshold looks at originations in each of the prior two calendar year ends.

This is going to take a lot of planning, training, and procedural updates within your institution. We are dissecting the Final Rule and working to bring you plain English solutions!

Published
2023/04/14
Jerod Moyer

Jerod Moyer

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 Bankers’ 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!

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