Small Business Lending Rule (1071) – Practical Application

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 details on the specific parts of the regulations that commercial lenders and lending support staff will need to focus on in order to comply with the rules. This course is intended for commercial lenders and lending support staff.

Learning Objectives:

• Know which credit applications require data collection and reporting
• Determine an applicants gross annual revenue
• Provide the appropriate disclosures to applicants
• Acknowledge the firewall requirements of the new rules

Course Outline:

• Covered Transactions and Applications
• Data Points
• Data Collection and Disclosures
• Firewall

Rev-May 2024. Course length ≈ 41 minutes. This course is worth 0.75 CPE credit.