Sep 5, 2024
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. 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!
Thursday, September 5th, 2024
11:00 am - 1:00 pm
What You'll Learn
Who Should Attend
This webinar is designed for management, loan officers, loan processors, compliance, audit, and loan operations personnel.
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.
Available Upgrades
AyZha Hazelwood, Education Meeting Coordinator
Ahazelwood@indiana.bank
317-387-9380