We recently hosted a webinar to share important updates on Section 1071 of the Dodd-Frank Act. During the session, Numerated’s in-house banking experts presented insights on the intricacies of 1071, including compliance dates, reporting requirements, and more.
To make this information more accessible, we’ve organized the highlights into 4 bite-sized clips.
Why is section 1071 a big deal?
In this clip, we took a look into the foundational importance of 1071 and why it stands as a pivotal milestone in small business lending. It’s essential to grasp that the inception of this rule was driven by the need to promote fair and equitable small business lending.
The impetus for this regulation originated from the nonprofit California Reinvestment Coalition, which took legal action due to the delayed implementation of these rules. The legal pressure ultimately prompted the Consumer Financial Protection Bureau to become more time-bound in their rule-making and rollout process.
So, why is 1071 such a big deal? In this webinar clip, our experts share the significance of the ruling and how having a firm grasp on the background can help anyone seeking to navigate the complexities of 1071 effectively.
Manual Data Intake and Reporting
Many banks find themselves ill-equipped to collect 1071 data effectively, lacking established systems and grappling with the time-consuming and cost-intensive nature of manual collection.
In this clip, Numerated Chief Product Officer Adam Kenney provides insights into how Numerated can help tackle this intricate challenge by automating data collection and reporting.
Building a Strategy Around Reporting Deadlines
In this crucial segment of our 1071 webinar, we dive deep into reporting deadlines.
Our primary focus is to ensure lender compliance while offering visibility into the data being collected. To achieve this, we’ve offered visualizations that provide invaluable insights into your lending operations.
Watch this clip to know more about your compliance start date, what tier your institution falls into, and how you can leverage non-firewalled data to inform your business lending strategy in 2024 and beyond.
Why Choose Numerated?
With a strong commitment to thought leadership and close contact with CFPB, we offer lenders an experience that is both swift and frictionless, while maintaining compliance.
Moreover, our flexibility means we can tailor support to meet the specific needs of each institution, whether its comprehensive 1071 reporting or just safeguarding the firewall data. To learn more about how Numerated can help your institution navigate 1071 compliance, contact us today.
Explore our section 1071 solution and access the product demo by watching the full recording here!
