Description

This course offers an overview of the demographic and other data banks must collect and report to the government related to small business loan applicants and borrowers under “§1071” provisions of Regulation B. It also reviews the firewall provisions that protect that information from inappropriate disclosure during the loan application review process.

What You’ll Learn

After completing this course, students will be able to:

Explain which financial institutions are subject to §1071 data collection and reporting requirements
Identify what small businesses, credit transactions, and applications the §1071 Rule covers
Describe the information that must be collected for small business applicants, including information about a small business’s principal owners’ minority, women, and or LGBTQI+ status
Describe and summarize the firewall provisions for protected demographic information about principal owners
Understand the financial institution’s reporting requirements, safe harbors, and recordkeeping requirements