Start Date: 2/21/2023 9:00 AM MST
End Date: 2/21/2023 10:00 AM MST
Industry experts have predicted that the implementation of the “Section 1071 Rules” for loan applications from small businesses owned by women and minorities will be the greatest compliance challenge in the last 20 years. Here’s why you should begin planning now.
The purpose of the 1071 Rules is to require data collection and accurate reporting to ensure that all borrowers receive fair treatment. This data will be available to regulators and community groups. What will it reveal about your financial institution?
There is no “model” application form for small business loans. What changes will be required to collect the required information? Does your current loan application system have the capacity to capture the required information?
Early preparation and planning can save time, money, and headaches. What data should be included in a “gap analysis” to determine the scope of impact?
Effective training will play a critical role in the successful implementation of the new rules.
What should senior management and the board understand about the proposed rules?