Welcome to the Compliance Cohort. We are a group of compliance professionals working to make compliance easier. Our goal is to take complex compliance concepts and put them in simple terms that apply to the real world. We are glad you have found us and look forward to collaborating in the future.
If you haven't done so already, make sure you sign up for our free membership where you get access to many member-only videos, articles, and other resources.
Well, the wait is over. After years of waiting since Section 1071 was included in the Dodd-Frank act of 2010, the CFPB has finally released a rule that amends Regulation B to require small business lending data collection and reporting from certain financial institutions. This long anticipated HMDA-like rule will apply to applications from certain “small businesses”, meaning that this rule will generally apply to commercial lending departments and those originating small business loans.
The challenge with this rule, of course, is that the final rule released by the CFPB is 888 pages long, meaning that it will take some significant amounts of time and work to both 1) comprehend this rule and 2) figure out how to apply this rule into our organizations.
From our experience, it can be extremely difficult to comprehend these types of new, massive rules. For this reason, we believe these types of rules are best understood by learning them one step at a time - rather than all at once. The reality is that a comprehensive, all inclusive training program on every detail of the 1071 final rule would likely leave attendees somewhat overwhelmed due to the large amount of information they would be attempting to absorb. For this reason, we have chosen to create our Introduction to the 1071 Final Rule program as a first step in understanding and absorbing this new compliance requirement.
Our Introduction to the 1071 Final Rule class provides an overview of the new rule by helping attendees understand who must comply with the new rule, when reporting must begin, what data must be reported (general overview), and what steps need to be taken to start implementing the new rule.
Specifically, this program will help attendees answer the following questions:
Is my institution covered under the final rule?
When must my institution begin reporting?
What steps do I need to take to implement this program in my organization?
Our Introduction to the 1071 Final Rule Compliance Class would be good for compliance officers and compliance professionals, risk managers, commercial lending managers, commercial lenders, auditors, and anyone else who is responsible for understanding and implementing the 1071 final rule in their organizations.
There will actually be three different ways to access our Introduction to the 1071 Final Rule program:
Individual Class. The easiest way to access our new Introduction to the 1071 Final Rule program is to purchase our stand-alone class at the purchase option below. This option focuses solely on the new 1071 final rule and is a great way to quickly understand the main elements of the rule and how they apply to your organization.
Spring 2023 Quarterly Compliance Update. The Introduction to the 1071 Final Rule class will be included as Part II of our Spring 2023 Quarterly Compliance Update (which will be available in early-mid May). Our Spring 2023 Quarterly Compliance Update will cover regulatory activity that took place during the first quarter of 2023, which, of course, includes the 1071 final rule. Plus, our Spring 2023 Quarterly Compliance Update includes a few more continuing education credits than just our 1071 Final Rule program for those who need them. NOTE: If you are interested in our Spring 2023 Quarterly Update program but would like to access our new Introduction to the 1071 Final Rule class now, contact us and we can work something out.
Premium Gold or Premium Pro Membership. The final way our Introduction to the 1071 Final Rule program can be accessed is through one of our premium memberships. That’s right! We have automatically included this program for all of our premium members as a perk of their premium membership. While the next enrollment period for our premium membership won’t open until later this summer, you can learn more about our premium memberships at www.compliancecohort.com/premium-membership.
SALE PRICE: $309 (Regular Price: $349) NOTE: This program is automatically available for premium members.
ADD ON: Get the class “+ Unlimited Employees” for just $129 more ($438 total). Add a private portal for anyone in your organization to view this program for an additional $129. Access is still available for 60 days, so those in your organization must view the program during your 60 day access window. Limit of 5 total Certificates of Attendance, though anyone in your organization can view the program through the portal we set up.
Demo Available: If you would like to demo this class before you purchase it to make sure it's what you are looking for, just let us know and we can set you up with preview access.
The class will be presented in multiple videos and covers the following topics.
The total teaching time of this program is 2 hrs and 18 min.
The content of this program will include 6 videos as follows:
Introduction & Background
Coverage & Who Must Report
When Financial Institutions Must Begin Reporting
Other Key Elements of the Rule
Demographic Information & Tolerance Thresholds
Creating an Implementation Plan
We have been very strategic in designing this program to make sure we focus on helping attendees understand how the 1071 rule will apply to them. We understand that the 1071 final rule could be overwhelming if not properly explained, and that is why we created this class as a first-step for financial institutions to begin working through the final rule.
The Introduction to 1071 Final Rule is designed to be an introduction class to help financial institutions get started with understanding the new rule from the CFPB that amends Regulation B to create a new small business lending data collection and reporting requirements. The goal of this program is to do four main things:
Help attendees understand if the rule applies to them;
Explain when they must comply with the rule,
Provide an overview of the key elements of the rule, and
Help financial institutions create an implementation plan to start figuring out what they need to do in their organizations.
This program is a great place to start your journey on understanding the 1071 final rule and how it applies to your organization.
As this is an “introduction” class, this rule is not designed as a comprehensive, all inclusive training on every detail of the rule. In fact, that type of training would require a much, much longer program. While this program is designed to help attendees start to grasp some of the major element of this rule (i.e. who this rule applies to, when financial institutions must begin collecting data, and what is needed to start developing a program to ensure compliance), this program does not dive into some of the details that will be needed later on in the implementation process. For example, this program only provides a general overview of the data points that will be included on the Small Business LAR, rather than explaining every detail of every data point. The reason for this, of course, is that these types of details aren’t needed until later on in a financial institution’s journey of implementing the new rule. In other words, this program focuses on the first steps needed to start understanding and implementing the rule.
This Compliance Class can be completed without leaving your office and provides you with everything you need to know about what compliance related activity took place during the prior quarter.
The class includes the following:
A comprehensive manual
A “virtual classroom” instructional video
60-day access to the class
Certificate of completion (1 per registration - available upon request/5 per registration for the +unlimited attendees option)
All of our Compliance Classes are presented in our virtual classroom approach. This approach is designed to bring the presenter to you (at a fraction of the cost of having a live person) and includes a video of the presenter in front of a slide presentation that replicates a typical seminar environment. In addition, our presenters take a three-part approach to compliance instruction: to educate, to empower, and to entertain. This is achieved by focusing on relevant topics, speaking in simple to understand, layman's terms, and by keeping it light and humorous whenever possible. We have found that this "3-E" approach allow students to learn as quickly and effectively as possible. And, it adds a little bit of fun to an otherwise dreadful topic.
Certificates of completion are available upon request. One certificate is available per registration.
When you purchase this compliance class, you get instant access to the online version of this class for 60 days. You will also receive an electronic version of the accompanying manual to keep.
We believe in our training products so much that we are offering a 100% money back guarantee within the first 10 business days after purchase. If you do not feel that you received the value promised for this training session, contact us within the first 10 business days after purchase and we will either make things right or provide 100% of the purchase price back to you.
