The Wait is Over – 1071 is Here. What to do Now?

On March 30, the CFPB issued a final rule to implement section 1071 of the Dodd-Frank Act. Depository and non-depository institutions are now required to collect and disclose new and expanded data on small business credit applications. The transparency required under this rule will demand significant time, resourcing, and effort by organizations to maintain compliance with the new regulation.

Guidehouse, in partnership with the Consumer Bankers Association, recently hosted the webcast, The Wait is Over – 1071 is Here. What to do Now? Partners, Chris Sicuranza, and Kathryn Rock provided an overview of the rule, potential implications for your organization, and steps you can take to make sure you’re compliant. Topics included:

• Overview of new Dodd Frank Section 1071 rule and potential impact to depository and non-depository institutions
• Challenges Facing the Industry with the Implementation of 1071
• Where organizations should start as they work to get into compliance with the new rule

Learn How We Can Help

This webcast was originally recorded by Consumer Bankers Association and was co-hosted by Guidehouse’s Chris Sicuranza, and Kathryn Rock.