Small Business Lending Rule (1071) – In-Depth

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.

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 and Effective Dates
• Covered Transactions
• Covered Applications
• Data Points
• Demographic Data Collection and Disclosures
• Firewall
• Disclosure of Available Data
• Recordkeeping
• Policies and Procedures