2024 CLFP Recertification Quiz #1: Section 1071 of the Dodd-Frank Act CLFP Recertification: Quiz #1: Section 1071 of the Dodd-Frank Act 1. Section 1071 of the Dodd-Frank Act requires financial institutions to gather and report data on business credit applications to _______. * The Federal Reserve Board (FRB). The Consumer Financial Protection Bureau (CFPB). The Federal Deposit Insurance Corporation (FDIC). The Office of Comptroller of the Currency (OCC). 2. Pursuant to Section 1071, if a business has _______ or more covered transactions, data collection is required to begin on October 1, 2024. * Less than 100 100-499 500-2,499 2,500 or more 3. Which of the following best describes the general purpose of Section 1071? * To support fair lending enforcement by creation of a comprehensive public database on small business lending practices. To enhance marketplace competition by enabling financial institutions to determine competitor’s pricings and funding practices. To support transparent lending by creating a comprehensive public database on consumer leasing and lending practices. To enhance industry competition by enabling large businesses to review financing arrangements their small business competitors are receiving from financial institutions. 4. According to Section 1071, financial institutions must collect approximately _______ data fields for each “covered” transaction. * 41 71 91 81 5. According to the article, which of the following are potential Section 1071 compliance issues that a financial institution needs to consider (select all that apply)? * Procedural formalities. Transparency of pricing decisions. Underwriting and exception rates. Verification of applicant-provided information. Name * Name First First Last Last Email * If you are human, leave this field blank. Submit
