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Monthly Telephone Briefing
BCG offers its members monthly Telephone Briefings on legal and regulatory matters. Also, you have the option to listen to audio presentations of meetings archived for up to 12 months after their original presentation dates. This benefit is called, “Listen While You Work.” You simply select a topic, minimize the screen, and listen to a streaming audio presentation while you work at your desk.
Please feel free to sign up annually, register for the next scheduled BCG Monthly Telephone Briefing or download an archived Handout below.
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BCG Monthly Telephone Briefing Schedule |
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Current BCG Monthly Telephone Briefing Topic(s)
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Friday, October 15, 2021
12:00 - 1:30 p.m.
Dodd-Frank Act Section 1071 amended the Equal Credit Opportunity Act to require financial institutions to compile, report and maintain specified information regarding certain women-owned, minority-owned, or small business loan applicants, in accordance with regulations to be issued by the CFPB. After a long wait, on September 1, 2021, the CFPB finally issued its proposal to implement Section 1071.
The proposed rule would broadly apply to financial institutions that originate at least 25 credit transactions in each year of the preceding two calendar years that result from covered applications. The CFPB is not proposing an exemption based on an institution’s asset threshold (which the industry was desperately hoping the agency would do).
Due to the proposal’s broad scope of coverage, many commercial lenders may be finding themselves in a whole, new world of HMDA-like data collection. During BCG’s October 2021 Monthly Telephone Briefing we will elaborate on which lenders would be covered, and discuss what loans would trigger the data collection requirements and what those requirements entail under the proposal.
Once the CFPB issues a final rule, the compliance period is pretty tight, especially for creditors that are not used to data collection requirements – 18 months following the final rule’s publication date. Thus, creditors may want to start wrapping their minds around this rule now, even though it is only a proposal, and this Briefing will help those creditors do so. Handout to be posted Thursday, October 14th.
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