Get Up to Speed and Down to Work on the New Section 1071 Small Business Data Collection Rule l Wolters Kluwer 2023

The CU Lab with NAFCU Services

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:

• 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.

Speakers: Timothy Burniston, Senior Advisor, Regulatory Strategy, Wolters Kluwer Jason Keller, Associate Director, U.S. Advisory Services, Wolters Kluwer [e-mail] [e-mail]