The Equipment Leasing and Finance Association will host a free webinar titled “Section 1071: It Will Affect Your Operation – Here’s How And What You Can Do To Prepare” on June 21 from 1-2 p.m. EDT. Jeffrey Bilbrey, CEO of Leasepath, will moderate and Andy Fishburn, vice president of federal government relations for the ELFA, and Stephanie Hall, vice president of sales at Quality Equipment Finance, will be the speakers for the webinar, which will be presented by the ELFA’s service provider business council steering committee.
Now that the Consumer Financial Protection Bureau has finalized the rule on Section 1071 of the Dodd-Frank Act, the equipment finance industry must prepare for compliance with the rules and reporting requirements. This webinar will present the data requirements and formats that ELFA members need to know.
The webinar will cover:
- Section 1071 and what transactions are covered
- Required discrete data fields and the CFPB report format
- A discussion on how different organizations might capture, process and report data to the CFPB
- A discussion on how some finance institutions might change operationally to comply with the data segregation requirements of Section 1071
