1071 Small Business Lending Data Collection Resources - [ Ссылка ]

Let's talk about the Dodd-Frank Act, specifically section 1071. We have a proposal to amend Reg. B relative to small business lending data collection, specifically to women and minority-owned businesses. Now, maybe you've heard a little bit, maybe you've even studied some on your own. My guess is, at this point, you've probably only gotten a taste of what the requirements are in that proposal. Now, the word proposal, don't let that get you off in the wrong direction. This thing's going to happen. There's actually a court case that says this is going to happen and the CFPB's on a timeline. So make sure that your management team understands that it's not a matter of if, it's when we're going to have to start complying.

Hi, this is Jerod Moyer with Banker's Compliance Consulting. One of the things that I want to share with you is a solution that our team has put together to help you advance your knowledge and education with respect to these requirements. We've done a overview webinar. We did a one hour version to give you a taste, a flavor of what's going on. I've had many of you reach out and say, "I want more. I'm hungry for more. My team wants to know more about this rule. We want some in the weeds information."

Well, that's just what we're going to be bringing to you. We put together a two-hour deep dive presentation on the small business lending data collection requirements that are brought to us from that Dodd--Frank Act section 1071. One of the areas that we're going to be digging into deeper is the women and minority-owned business data collection requirements, as far as the questions. And then the ethnicity, race, and sex. Those questions, some of them are going to seem familiar, like the ethnicity, race, and sex, because we've had to do it in other sections of Reg. B. Or if you're a HMDA bank, you've had to collect in those areas.

But one of the things you're going to find out after you spend just a little bit of time looking at the 1071 rules is that they're a little bit different. For example, you still have to make the request for ethnicity, race, and sex, but you only are required to get ethnicity and race for one principal owner. And that's where you'll have some visual observation requirements. But when it comes to sex, the gender, you have to make the request but visual observation is strictly prohibited in that area.

When it comes to the minority and women-owned status, you have to make the request again. They don't have to give you information. But you're not required to assist them either in answering the questions. Whatever they give you or don't give you by way of the answers to that women and minority-owned business status question, that's what you're going to report. It's things like that that we're going to get further into the weeds on during this program. I'd love for you to get your team registered. Remember, one ticket gets your whole team in and we'll tackle these changes together. I hope to see you there.

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