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Section 1071 Dodd-Frank Act Proposal, Webinar

December 1, 2021 @ 10:00 am - 12:00 pm CST

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This webinar will take a deep dive into the proposal that will implement the small business data collection and reporting requirements found in Section 1071 of the Dodd-Frank Act. This rule will have a major impact within the commercial lending areas of most financial instititutions. Start planning today!

This proposal requires covered institutions to collect and report certain data for small business credit applications. This includes information specific to the credit request, such as the purpose and amount; information specific to the business, such as the number of workers and time in business; and information on the demographics of the principal owners or ownership status. This data would need to be reported annually to the CFPB.

While this is still a proposal, it will happen. Now is the time to learn what you can about the proposed requirements and what the potential impact will be to your institution.