Section 1071 amended the Equal Credit Opportunity Act (ECOA) to require that financial institutions collect and report to the Consumer Financial Protection Bureau (CFPB) specific data regarding certain business credit applications. In 2021, the CFPB issued notice of proposed rulemaking to update various definitions and requirements of Section 1071.

Katie Harrison, JD, CRCM, Director Financial Services at FORVIS, will provide an update on what is covered in the final rule of Section 1071. She will highlight where financial services organizations can expect to see the largest implications from the rule on their day-to-day operations including:

• Data points and expected sources
• Policy and procedure changes
• Budget considerations
• System supports
• Training

PRESENTER:

Katie Harrison, J.D., CRCM
Director
FORVIS

Katie is a member of FORVIS Financial Services Group with more than a decade of banking and compliance experience, years of practicing law in the business sector, and seven years of compliance consulting. Her experience includes financial services regulatory compliance, procedural analyses, risk management, banking operations, and BSA/AML compliance.

Katie is a graduate of Washburn University and Washburn University School of Law, Topeka, Kansas, with a B.S. degree in business administration and a J.D. degree. She also holds the Certified Regulatory Compliance Manager (CRCM) certification.