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Are all leases exempt? We finance leases but we are not the lessee Leases are exempt. Exactly how are you structuring the financing of leases? However, if you were to extend a loan to a business such as an automobile…

Where are you getting that this is applicable to CRA? 2022 NPR says 1071 data will replace CRA small business and small farm loan data. Does this mean that Participations are excluded and considered not a covered transaction? Yes –…

Can you discuss in more detail what is meant by consumer designated credit? Consumer-designated credit. The term “covered credit transaction” does not include consumer-designated credit that is used for business or agricultural purposes. A transaction qualifies as consumer-designated credit if…

Section 1071 does not contain any reference to a mandatory resubmission of Section 1071 if the error rate exceeds a specific threshold. Is there a mandatory resubmission standard of a HMDA LAR when a filer exceeds a specific error rate? No,…

Our bank has a subsidiary for some commercial financing such as equipment small ticket loans, floor plan financing, and asset-based lending. I know we need to file their loans on a separate register from the bank. Our question is do…

Now that the Section 1071 rule is final, should we still be doing CRA Small Business as we do currently until we must begin the 1071 small business data collection based on the tier applicable to our loan volume? The…

For HMDA loans that are also reportable as CRA CD reportable loans now, can we still report them as a CRA CD loan?  And if yes, will that change based on the compliance date tier?  Please explain. Regarding HMDAa reportable…

Can you elaborate on what may be meant or intended by “feasibility” in relation to the firewall requirement? If I am reading the preamble and regulation correctly, it appears that feasibility really has more to do with job duties of…

I just want to confirm that all HMDA reportable transactions are excluded, even if we are not required to report them. We are exempt from open-end HMDA reporting. If I read the preamble correctly, those loans would still be exempt…

In the preamble, there is discussion on letters of credit on page 207. We create a note with our letters of credit. The note works like a closed-end line of credit and is only advanced if a claim is made…

It seems that a banker will need to determine if the loan they are taking an application for is a HMDA loan, a CRA loan or Section 1071 loan. It is possible that a loan will be reportable for CRA…

How can you report GAR as ‘not provided’ if you need to know this number in order to determine if it is reportable for Section 1071? It is my understanding that you do not have to verify GAR, so if…

The document is a Small Entity Compliance Guide for the Consumer Financial Protection Bureau’s Small Business Lending Rule, which requires financial institutions to compile and report certain data regarding business credit applications to the CFPB. The guide provides examples of…

Now that the Section 1071 rule is final, should we still be doing CRA Small Business as we do currently until we must begin the 1071 small business data collection based on the tier applicable to our loan volume? The…

We know that loans will be reportable for both CRA and 1071. What if we collect DemographicInformation and the loan ends up being reportable for CRA? Being reportable for CRA does notdisqualify a covered transaction from being reported under 1071.…

It is important for you to be aware that the term “small business,” as outlined in Section 1071, specifically refers to the Small Business Administration (SBA) Regulations Part 121. In order to comply with the Section 1071 and to better…

Presented by GeoDataVision in partnership with M&M Consulting Brace yourselves! On March 30th, the CFPB unleashed the long-awaited Dodd-Frank Section 1071 Rule, and it’s about to shake the finance world to its core. Thought the CRA data file was a…

On February 13, the ABA Banking Journal bore a headline, “Nichols: ABA won’t ‘sit idly by’, if regulators overstep their authority”. The article went on to cite examples of rule making and regulatory changes “that will do more harm than…

We all know that Climate-Related Risk regulations are in the process. The prudential bank regulators are not waiting for lawmakers to legislate climate risk law, they are actively drafting “guidance” and will be evaluating climate risk exposure as a “Safety…

In emails in recent months we’ve warned bankers about the extremely aggressive enforcement of anti-redlining policies. This is becoming more and more obvious every day as more banks get threatened with referral to the DOJ. The word is the DOJ…