Section 1071 of the Dodd-Frank Act is nearing completion and will require financial institutions (FIs) to aggregate, maintain and report on applications made by minority-owned and women-owned small businesses to the Consumer Financial Protection Bureau (CFPB). Section 1071’s purposes are to facilitate enforcement of fair lending laws and to enable the identification of business and community development needs and opportunities for women-owned, minority-owned and small businesses.
In this on-demand webinar, watch and listen as David O’Connell, Strategic Advisor at Aite-Novarica Group, and Christoffer Eriksson, Senior Vice President, Enterprise Banks at nCino, discuss what this new legislation is and how it will impact your institution. They will also explain the potential risks and challenges FIs will face stemming from Section 1071, and provide key takeaways on how organizations can move forward.
Viewers will learn:
The history of Section 1071 and why it has been sitting idle, its impending completion date, and important regulatory updates on the topic;
Best practices for data collection, tips and tricks on fair lending analysis, and how to ease the potential burdens of new government initiatives and regulations; and
How to translate the impacts of Section 1071 to your specific organization, from creating an action plan to what will be expected once implemented.
To learn more about Section 1071 of the Dodd-Frank Act, download the on-demand webinar “Ready or Not: Section 1071 is Coming – What it Means for Small Businesses and Your Institution” now.