CFPB's Rule 1071 – A Discussion of the Challenges and Nuances

06.11.2024 | 11:45 a.m. - 1:00 p.m. CT

Stinson attorneys Anastasia Stull and Michelle Fox will be joined by David Pommerehn, Consumer Bankers Association General Counsel, Head of Regulatory Affairs and Senior Vice President. They will provide an important update on the current status of the Consumer Financial Protection Bureau's new small business lending data collecting and reporting Section 1071 Final Rule.

This information-packed session will provide insight into the legislative history, policy and Final Rule requirements, and the potential challenges covered institutions may expect in their efforts to comply. The 888-page Final Rule is complex. Operationalizing the requirements is not a one-size-fits-all solution for lenders impacted across the industry.

TOPICS WILL INCLUDE

• 1071’s historical background and resulting policy challenges
• Who needs to report
• What types of loans must be reported, including exclusions
• What data must be collected and when to start collecting
• Practical tips for encouraging applicant participation
• Safe harbors and firewalls
• Potential outcomes relating to litigation
• Enforcement concerns, policy implications & other considerations

CLE credit is pending in the following states: CO, FL, KS, MN, MO & NE.

Register online to attend this event.