BCU Webinars Webinar

ECOA Small Business Lending Data Collection

Section 1071 of The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) amends the Equal Credit Opportunity Act (ECOA) with respect to collecting and reporting certain data on small business credit applications, including those that are minority-owned and women-owned. It also calls for safeguarding that data, shielding it from certain persons within your loan process, recordkeeping requirements, and more. Preparing to comply with this Rule will require a lot of planning, training, and procedural updates within your institution. This session will bring you plain English solutions!

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SKU 70BWUS246166G

What You'll Learn

  • The latest updates
  • Financial institution coverage and mandatory compliance dates
  • Covered applications: what’s in and what’s out?
  • Gross annual revenues and small businesses
  • Required data and the data collection process (time and manner)
  • Restricted data: business ownership status and demographic information
  • The “firewall” and recordkeeping requirements
  • Your questions, plain English answers, and much more!

Who Should Attend

This webinar is designed for management, loan officers, loan processors, compliance, audit, and loan operations personnel.