In March, the Consumer Financial Protection Bureau (CFPB) issued a final rule on Section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Financial institutions are now required to compile, maintain and submit data on credit applications for small businesses, including information on women-owned, LGBTQ+-owned and people-of-color-owned small businesses.
The final rule is meant to simplify data collection — but it’s still a big undertaking for financial institutions.
Don’t worry.
If you haven’t had time to review and interpret the final rule or lack the resources to create a Section 1071 compliance team, Wipfli can help.
Our regulatory compliance professionals know what’s required of your institution and how to build compliant processes and training. We can connect you to:
Templates, checklists, guides and procedures
Save time with our data collection templates, reference guides and implementation checklists.
Peer support
Wipfli will host six peer group discussions during the implementation period so FIs can share common challenges and best practice solutions.
1071 hotline
Our 1071 hotline is staffed by experienced compliance professionals who can provide prompt answers to your implementation questions.
One-on-one consulting
Organizations that need more support can get one-on-one counseling with a 1071 specialist. Together, we’ll make sure your systems and controls are designed for compliance.
Customized training
We can train your team on the new requirements and your institution’s compliance approach. (Available virtually or in person.)
Data testing
After implementation, we can test your work. We can confirm your data is recorded accurately and in accordance with the rule. If errors are found, you can update your processes before the filing deadline.
Fair lending analysis
Once data is collected, we can analyze your data to see if there are any fair lending disparities — before your next examination. Understand how regulators will read the data while you have time to make changes.
Section 1071 support programs
Section 1071 support can be tailored for your financial institution’s needs. Mix and match our services or choose a support package.
| Implementation tools $1,000 |
Collaboration $3,500 |
Assistance $7,500 |
|
|---|---|---|---|
| Data collection template | x | x | x |
| Data collection reference guide | x | x | x |
| Implementation checklists/procedures | x | x | x |
| 6 moderated peer forums | x | x | |
| Up to 10 hours of one-on-one consulting | x |
How to get started
It takes time to develop, test and train for compliance. Don’t wait. Start your Section 1071 implementation planning today, and lean on professionals for help along the way.
We understand what regulators are looking for. And we know what it’s like to be in your shoes. As former financial institution regulatory compliance officers, auditors and examiners, we know what it takes to build an effective compliance program.
Let’s tackle this challenge together. Contact us today to discuss the level of support you need.
