Credit Union Exam Solutions Presents With Flying Colors #111 CFPBs Small Business Loan Data Collection Rule with Expert Joe Goldberg
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Small Business Lending Rule – Sec. 1071 of DFA – ECOA 15 USC 1691c-2 (Small Business Loan Data Collection) – Regulation B
Intro and what Joe Goldberg and I will cover
Background and purpose
Overview of coverage and collection/reporting requirements
Compliance dates
Resources available to your credit union
This is the point where you should know about the resources CFPB has so you can determine if your CU is subject to the rule and, if it is, everything you need to know about how to collect and report the data.
Those resources include the following:
Final Rule
Table of Contents for Final Rule
Small Entity Compliance Guide
Executive Summary
Key Dates
Compliance Dates Information
Data Points Chart
Sample Data Collection Form
Filing Instruction Guide
Page on CFPB website (consumerfinance.gov) under Compliance, then go to Compliance Resources and look for Small business lending collection and reporting requirements – links to all the resources, and more, on one page
Here is the link: