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Small Businesses Brace for Section 1071

The next installment in the Five Star Institute Webinar Series is set for Thursday, June 8 at 1:00 p.m. Central, when the Five Star Institute, in partnership with Treliant, present “Section 1071: Small Business Lender Impact & Implications.”

The Five Star Institute Webinar Series aims to broaden the horizons of the mortgage industry. It's a top source for complimentary insights and education about critical industry topics led by subject-matter experts and company sponsors.

On March 30, 2023, the Consumer Financial Protection Bureau (CFPB) released its final rule amending Regulation B to implement changes to ECOA made by Section 1071 of the Dodd-Frank Act requiring financial institutions to collect and report data on small business loans.

During the “Section 1071: Small Business Lender Impact & Implications” Webinar, a team of industry professionals will discuss the requirements of the rule, and the impact on small business lenders. Some of the topics the panel will cover include who must report, what must be reported, when lenders must begin collecting and reporting data, fair lending implications, decisions that must be made, and the work that should start now to prepare for implementation of the rule.

The Five Star Institute has assembled a panel of experts to impart their expertise with the audience, including Renee W. Huffaker, Chief Compliance Officer with Arvest Bank; Daniel N. Johnson Sr., Managing Director, Fair & Responsible Banking for Treliant, LLC; and Ellen Rose, Managing Director, Regulatory Compliance, Mortgage, and Operations for Treliant, LLC.

Huffaker serves as Chief Compliance Officer for Arvest Bank, a $26 billion regional financial institution. She has more than 25 years of bank regulatory compliance experience, including experience as both a regulator and mid-sized bank compliance officer. She holds designations as a CPA and CRCM.

Daniel Johnson is Managing Director of Fair and Responsible Banking at Treliant. He is an experienced compliance and data science professional with comprehensive financial services experience in regulatory compliance, risk management, internal audit, fair lending, statistical analysis, operations management, enterprise program administration, and compliance training. Prior to joining Treliant, Johnson was Director of Fair Lending for Freddie Mac, where he established and maintained compliance risk management related to fair lending, including oversight of third parties such as sellers and servicers. Johnson has a BBA with legal studies specialization from the University of Central Oklahoma, and an MBA with a data analytics specialization from Southeastern Oklahoma State University.

Rose is a seasoned financial services professional with executive experience in all facets of commercial and residential mortgage banking. Rose has 35-plus years of industry experience in directing originations, secondary marketing, servicing, support, and vendor activities. Prior to joining Treliant, Ellen held a Senior Director position with Newbold Advisors, where she developed and led numerous client engagements spanning compliance, business process engineering, and operational assessments. Previously, she founded and managed Dynamic Global Solutions, LLC, assisting clients with capital markets and consulting needs. Rose studied ancient Greek at Grinnell College, and holds a degreed certificate in international affairs from Sveučilište u Zagrebu.

Click here for more information or to register for the “Section 1071: Small Business Lender Impact & Implications” webinar.

About Author: Eric C. Peck

Eric C. Peck has 20-plus years’ experience covering the mortgage industry, he most recently served as Editor-in-Chief for The Mortgage Press and National Mortgage Professional Magazine. Peck graduated from the New York Institute of Technology where he received his B.A. in Communication Arts/Media. After graduating, he began his professional career with Videography Magazine before landing in the mortgage space. Peck has edited three published books and has served as Copy Editor for Entrepreneur.com.

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