Forward by Michelle Strickland
All of us in the financial services industry have been patiently waiting for clarification of Section 1071 of the Dodd-Frank Act. The CFPB plans to have a final rule issued by March 2023 – and we are quickly running out of daylight to meet that date – One more week to go.
In anticipation of the final rule, TCA has put together a Team of who are focused on understanding the requirements and what it means to commercial lending departments. Our Small Business LAR Action Team (SBLAT) consists of Angie Rankin, CRCM/Senior Compliance Consultant, Margaret Dolinger, CRCM/Fair Lending Specialist and Sarah McCaslin, CRCM.
SBLAT will be publishing helpful information and guidance to help you get your project plan together and your Team ready to collect and report required data. The following Article Small Business Data Collection – Are you Having the Conversation? is the first in a series of articles on this important subject.
TCA is A Better Way to stay informed on regulatory changes!