Comprehensive Review Of Section 1071 Rule

Free Webinar Comprehensive Review Of Section 1071 Rule Geodatavision However, some unfortunate lenders will need to start data collection during q4 of 2023 just to determine their covered transaction volumes. watch this webinar, as we dissect this monstrous 888 page document. hold onto your hats – it's going to be a wild ride! section 1071 in depth webinar agenda. a sampling of just a few of the dozens of. On march 30, 2023, we issued a final rule amending regulation b to implement changes to ecoa made by section 1071 of the dodd frank act. consistent with section 1071, covered financial institutions are required to collect and report to the cfpb data on applications for credit for small businesses, including those that are owned by women or.

The Section 1071 Rule вђ Simplified Section 1071 also directs the cfpb to prescribe such rules and issue such guidance as may be necessary to carry out, enforce, and compile data pursuant to s ection 1071 . it permits the cfpb to adopt exceptions and exemptions to section 1071’s requirements as the cfpb deems necessary or appropriate to carry out section 1071’s purposes. On march 30, 2023, the consumer financial protection bureau (cfpb) issued a final rule amending its equal credit opportunity act (ecoa) regulations pursuant to section 1071of the dodd frank wall street reform and protection act (dodd frank). 1 section 1071 required covered financial institutions to collect and report loan data on small businesses, including those owned by women or minorities. Main small business lending rule provisions and official interpretations can be found in: § 1002.102, definitions. § 1002.103 .106, coverage. § 1002.107, data points collected. § 1002.108, firewall. § 1002.109, reporting requirements. supplement i to part 1002 (including official interpretations for the above provisions). For all covered financial institutions. (introduction to section 9 only). note that other parts of this guide have not been updated to reflect this stay. august 2024 ; 2.2 revised to address the interim final rule extending the compliance dates (section 1 and section 9) revised dates in examples to reflect extended compliance dates.