Compliance: Nov. 6 CFPB symposium examines ECOA
The Consumer Financial Protection Bureau’s (CFPB) next symposium will examine on Section 1071 of the Dodd-Frank Act and will take place Nov. 6 at 9:30 a.m. (ET). The event will be webcast on the Bureau’s website.
Section 1071 amended the Equal Credit Opportunity Act (ECOA) to require financial institutions to collect, report, and make public certain information concerning credit applications made by women-owned, minority-owned, and small businesses.
The symposium will provide a public forum for the CFPB and the public to hear various perspectives on the small business lending marketplace and the CFPB’s upcoming implementation of Section 1071.
The symposium is the third in a series announced earlier this year to explore consumer protections in today’s dynamic financial services marketplace.
The first symposium on June 25 covered the Dodd-Frank Act’s prohibition on abusive acts or practices. The second symposium on Sept. r 19 covered behavioral law and economics.
The event will feature remarks by CFPB Director Kathy Kraninger, as well as two panels of experts. The first panel will focus on the current state of, and future outlook for, the small business lending marketplace, and will feature:
- Claire Kramer-Mills, assistant vice president and director of community development analysis, Federal Reserve Bank of New York;
- David Burton, senior fellow in economic policy, Heritage Foundation;
- Luz Urrutia, CEO, opportunity fund and former CFPB Consumer Advisory Board member;
- Glenn L. Christensen, associate professor, Marriott School of Management, Brigham Young University; and
- Noah Breslow, chairman/CEO, On Deck Capital
The second panel will include a discussion surrounding the implementation of Section 1071, and will feature:
- Maureen Busch, vice president, compliance and CRA Officer, The Bank of Tampa and Bureau Community Bank Advisory Council member;
- William H. Phelan, senior vice president and general manager, PayNet;
- Diego Zuluaga, policy analyst, Center for Monetary and Financial Alternatives, CATO Institute;
- Richard H. Neiman, head of regulatory and government affairs, Lending Club;
- Brad Blower, vice president, Consumer Practices, American Express; and
- John Taylor, president and founder, National Community Reinvestment Coalition.
Members of the public who plan to attend the symposium should RSVP here.