Jun 13, 2024
There has been a lot of activity around the new Small Business Lending Data Collection final rule that was issued by the CFPB last year. Is it going to survive the courts? Will Congress revoke it? If not, how (if at all) will it change?
We’re all eagerly awaiting the answers to these questions, but in the meantime, it is important to understand what this rule will do if it does not change. Time is of the essence, since there is a chance the rule may move forward as it’s written now, and we have to be prepared. The rule will require lenders to collect and submit to the CFPB data around small business loan applications by June 1st of each year. No matter how this turns out, there is a transitioned implementation period, and when lenders must comply is based on how many small business loans they originate.
This rule will have a dramatic impact on small business lenders’ operations, and not just from an operational, and perhaps more importantly, a cultural, standpoint. There are significant cultural issues to address as well, as this will change, in significant ways, how small business applications are collected and processed.
One of the many keys to determining the requirements is to understand the definitions involved, from “covered financial institution,” “covered origination,” and “covered credit transaction,” among others.
June 13th, 2024
11:00 am - 1:00 pm EST
Who Should Attend
Lenders, loan processors, compliance officers, and loan review personnel will benefit from this course.
Carl Pry is a Certified Regulatory Compliance Manager (CRCM) and Certified Risk Professional (CRP) who is a Senior Advisor for Asurity Advisors in Washington, DC. Through his more than 30-year working career, as well as through his experience as a banking attorney and officer, he has provided a variety of regulatory compliance and financial performance services to financial institutions and other clients throughout the country. He has written extensively regarding consumer and commercial compliance, tax, audit, and financial institution legal issues, and is a frequent contributor to and currently serves as the Chair of the Editorial Advisory Board for the ABA Bank Compliance magazine. He has spoken at scores of banking, compliance, and state bar associations, and has conducted training sessions for financial institutions across the country.
Available Upgrades
AyZha Hazelwood, Education Meeting Coordinator
Ahazelwood@indiana.bank
317-387-9380