In this podcast episode, Dean and Len discuss the Section 1071 Rule, which is the hottest regulatory topic in the financial industry. Len provides an overview of the rule and its implications for lenders. Covered lenders, which include any financial institution that originates 100 or more covered loans for two consecutive years, will need to maintain a data collection system to report on their commercial lending activity. Len also emphasizes the importance of distinguishing between covered and non-covered transactions and being careful about protected demographic information, such as the race, ethnicity, and sex of the principals of the business. The podcast also touches on other important requirements under Section 1071, such as capturing the NAICs code for borrowers and the number of employees and reporting on all applications, not just originated, refinanced, or renewed loans. The episode concludes by encouraging listeners to tune into a more comprehensive 90-minute broadcast on Section 1071.
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Enterprise Risk Management
CRA Tips and Tricks for Intermediate-Small Banks
Overview of Flood Insurance Requirements
CRA Mistakes
Fair Lending and Commercial Applications
Assessment Area delineation your most important CRA decision
Fair Lending in 2021
What Community Development really means under CRA
National Defense Act impacts on BSA/AML
The Pandemic and CRA
Compliance Management Systems and COVID
Major changes contained in the Federal Reserve Board's Advanced Notice of Proposed Rule-Making regarding the Community Reinvestment Act.
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