Understanding the impact of CFPB 1071 rule on small business lending
2:00 PM ET / 1:00 PM CT
The long awaited Consumer Financial Protection Board (CFPB) rule based on section 1071 of the Dodd Frank Act represents the most significant effort of data collection and reporting for financial institutions over the last 50 years. Commonly known as the CFPB 1071 Rule, it has emerged as a top regulatory compliance concern among financial institution executives, alongside other issues such as BSA/AML rules, beneficial ownership requirements, and CECL obligations.
In this session, you will receive an educational overview of the final rule and cover how to effectively manage small business lending risk through compliant policies and procedures, effective data management, consistency in loan terms and pricing, and early warning sign identification.
You will learn:
- The ins and outs of CFPB 1071 final rule
- How lending policies and procedures will need to change
- What data collection and reporting will look like under new rule
Paula S. King, CPA
Senior Consultant
Paula King, CPA, is Senior Consultant for Abrigo Advisory Services, assisting financial institutions with CECL, credit processes, model validations, and during COVID, the SBA’s Paycheck Protection Program forgiveness process. A former banker and bank co-founder, she has held executive positions (CFO, Chief Risk Officer and Chief Compliance Officer) and has
