Ahead of the curve: A banker’s podcast episode 1 – CFPB 1071 and CFPB 1033 update
Updates on CFPB 1071 and CFPB 1033 for community financial institutions
The CFPB 1071 regulation has sparked plenty of debate and concern among financial institutions. Since our last 1071 episode in March, there have been some key developments, including the Supreme Court’s decision to uphold the CFPB’s funding structure and the new administration’s 60-day pause on the rule. Next, we’ll review CFPB 1033, the open banking rule, and what it means for community banks as they face new requirements for consumer data access and sharing. Learn how financial institutions can prepare, the role of technology in compliance, and how community banks can maintain their high-touch customer relationships while adapting to these changes. We’ll also touch on what deregulation could mean for small business lending in 2025 and how banks can position themselves for growth.
Our guest is Paula King, CPA, Principal Consultant for Abrigo Advisory Services. King assists financial institutions with CECL, credit processes, model validations, and more. A former banker and bank co-founder, she has held executive positions (CFO, Chief Risk Officer, and Chief Compliance Officer) and has more than 25 years of experience across all aspects of banking, including financial and asset/liability management, credit, services and product development, and director responsibilities.
Helpful links:
Webinar: Understanding the impact of CFPB 1071 on small business lending
Blog: The CFPB section 1071 effective date
Software: Small Business Loan Origination Software
We can help you navigate 1071 deadlines and compliance. In addition to our 1071 resource page for lenders, which has updated information to help prepare for the new requirements, Abrigo’s Loan Origination Software will have all required data fields in a borrower-facing collection form, access to pre-built reports, and the ability to export for CFPB reporting. Your financial institution can comply with 1071 while streamlining the origination process and ongoing customer management while working with a trusted partner of 2,400 institutions. Talk to a specialist to learn more.
Join us for season 2!
Ahead of the curve: A banker’s podcast
Looking for ideas, tips, and best practices to take your financial institution to the next level? Look no further than this podcast featuring insights from banking leaders and advisors across the industry. We’ll tackle a range of topics — technology implementation, loan grading, banking cannabis, and more to ensure you stay ahead of the curve in this fast-changing environment.
You can find all episodes of the podcast on abrigo.com or on your favorite podcast app or platform.