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What Frontline Employees Should Know About Small Business Data Reporting (Section 1071)

Prepare your frontline for the future of small business lending! This session focuses on preparing your institution’s frontline, including commercial loan officers, with a solid understanding of Section 1071 and how it will impact current processes, your organization, and their jobs.

OnDemand
Recorded Wednesday,
December 11th, 2024
Presented by Kimberly Boatwright
1h 30m total length
2 CRCM Credits
$299.00 or 1 Token

Includes: 30 Days OnDemand Playback, Presenter Materials and Handouts

  • Auditing
  • Commercial/Business Lending
  • Compliance
  • Customer Service
  • General Compliance
  • Lending
  • Lending Compliance
  • Management/Employee Development
  • Mortgage Lending
  • Risk Management/Legal
  • Sales
  • Bank Legal Counsel
  • Board Member
  • Branch Manager
  • Commercial Lender
  • Compliance Officer
  • Consumer Lender/Retail Banker
  • Credit Analyst
  • Customer Service Representative
  • Internal Auditor
  • Loan Operations Manager/Specialist
  • Marketing Officer/Business Development
  • Mortgage Lender
  • Private Banker
  • Risk Manager
  • Senior Management
  • Small Business Lender
  • Teller
  • Training Manager
  • Trainer

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On March 30, 2023, the Consumer Financial Protection Bureau (CFPB) issued the Small Business Lending under the Equal Credit Opportunity Act (Regulation B) final rule, which implements the small business lending data collection requirements set forth in Section 1071 of the Dodd-Frank Act.

The final rule amends Regulation B to require covered financial institutions to collect and report certain data about covered applications from small businesses and allows for the creation of the first comprehensive public database that covers small business lending practices.

For many institutions, business lending is a manual process that requires gathering of documents, creation of spreadsheets, printing, filing loan documents, reviewing financials, etc. Even if the new data fields are being collected through automation, the data is not often in a readily accessible format.

Section 1071, and the collection of these new data fields, will forever change this process and present problems for most lenders. Join us to find out what your institution’s frontline needs to know about the final rule and how to prepare them for upcoming changes to their processes.

What You'll Learn

  • What Section 1071 is and why it will be the largest and most impactful compliance initiative in the last 20 years
  • How 1071 will impact your financial institution and front-line worker’s jobs
  • What the proposed “covered transactions” and small business definitions are
  • What resources to consider when preparing for 1071
  • What should be done now to prepare

Who Should Attend

This session is designed for frontline staff, marketing, commercial and agricultural lenders and their staff, loan operations, credit analysis, branch managers, any employees that are involved with commercial and Ag lending, anyone that wants more information on 1071, board of directors, senior management, compliance employees, and compliance champions.

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

What Frontline Employees Should Know About Small Business Data Reporting (Section 1071) has been approved for 2 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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