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Get Up to Speed and Down to Work on the New Section 1071 Small Business Data Collection Rule l Wolters Kluwer 2023
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Manage episode 362714197 series 1456382
Content provided by NAFCU Services. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by NAFCU Services or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://player.fm/legal.
The Consumer Financial Protection Bureau issued its final rule to implement Section 1071 of the Dodd-Frank Act. What will this rule mean for your institution? Section 1071 amended the Equal Credit Opportunity Act to require financial institutions to collect and report certain data in connection with credit applications made by small businesses and small farms, including women- or minority-owned entities. Randy Salser, President of NAFCU, digs into the new rule with two regulatory experts from Wolters Kluwer, both of whom are former federal regulators, to uncover the “what’s”, “who’s” and “when’s.” Experts also dive into what credit unions can do today to prepare, and what to keep in mind as they build out systems to comply with 1071. Additional topics include:
…
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- Substantive differences between the DRAFT rule to the FINAL rule;
- Key dates to monitor; and
- Demographic information that needs to be collected and what credit unions need to know.
100 episodes
MP3•Episode home
Manage episode 362714197 series 1456382
Content provided by NAFCU Services. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by NAFCU Services or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://player.fm/legal.
The Consumer Financial Protection Bureau issued its final rule to implement Section 1071 of the Dodd-Frank Act. What will this rule mean for your institution? Section 1071 amended the Equal Credit Opportunity Act to require financial institutions to collect and report certain data in connection with credit applications made by small businesses and small farms, including women- or minority-owned entities. Randy Salser, President of NAFCU, digs into the new rule with two regulatory experts from Wolters Kluwer, both of whom are former federal regulators, to uncover the “what’s”, “who’s” and “when’s.” Experts also dive into what credit unions can do today to prepare, and what to keep in mind as they build out systems to comply with 1071. Additional topics include:
…
continue reading
- Substantive differences between the DRAFT rule to the FINAL rule;
- Key dates to monitor; and
- Demographic information that needs to be collected and what credit unions need to know.
100 episodes
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