We are excited to announce that our founder and President, Dr. Brandon Roberts, will be delivering three insightful talks at the upcoming Mississippi Bankers Association Compliance Conference on October 18th, 2024. These sessions promise to shed light on critical aspects of fair lending and compliance, drawing from Dr. Roberts’ extensive experience and expertise in the field. During the conference on October 17th and 18th, 2024, he will delve into the following topics:
New Wine – Old Wine Bottles: Embracing the New Paradigm for Effective Fair Lending Risk Mitigation
The landscape of fair lending has undergone rapid changes in recent years. Many banks continue to operate under outdated regulatory expectations, necessitating significant adjustments. Regulatory bodies are increasingly demanding active engagement from executive management and Boards regarding compliance and fair lending issues. Despite awareness of these risks, management often lacks a deep understanding of their bank’s risk profile until it is too late. Dr. Roberts will use the session to chronicle these shifts, drawing from our experiences, and provide a prioritized template for necessary changes.
DataSphere: Navigating Data-Driven Compliance
In our increasingly data-driven world, the importance of data for compliance and fair lending cannot be overstated. Banks must make necessary adjustments to leverage data effectively, which will yield significant benefits. Failure to do so will incur substantial costs in the long run. Dr. Roberts will explain the importance and implications of the rapidly evolving environment in terms of accessible data, the impact of 1071 reporting, and the role of artificial intelligence and machine learning in shaping the future of bank compliance.
1071 Small Business Reporting: A Deep Dive
The implementation of Section 1071 of the Dodd-Frank Act not only marks a significant shift in how banks must handle small business lending, but also fair lending in general. This regulation, enforced by the Consumer Financial Protection Bureau (CFPB), requires financial institutions to collect and report detailed data on credit applications from small businesses, including “HMDA-like” data, such as race, gender, and ethnicity. It also imposes a new fair lending pressure point – sexual orientation. This session will examine this change in depth as well as the overall fair lending and compliance implications.
Don’t miss these enlightening discussions that will equip you with the knowledge to navigate the complexities of modern banking compliance.
For more details, please visit the MBA Compliance Conference website here.
