Do you need expert help with Section 1071 implementation? Would it make your compliance life a little easier? In case you didn’t know, we have a “1071 Thought Leadership, Implementation & Planning Group”, which meets monthly. This is an instructor-led study group that helps institutions prepare for all aspects of 1071 implementation. Why try and digest it all on your own when you can learn it in small 90 -minute chunks each month in plain English? Want to get started now? No problem! You can join at any time as all prior meetings have been recorded to help you catch up. There is still plenty to be learned between now and your 1071 mandatory compliance date.
In the most recent meeting, Jerod Moyer discussed what Regulation B’s 1071 rules require and how that intersects with Regulation C (HMDA). It’s important to point out that, even if your institution is not a HMDA reporter, you will still need to know some HMDA basics as you prepare for 1071.
There are several data points that can be especially confusing between these two somewhat similar reporting requirements. For example, 1071 requires you to report the Gross Annual Revenue, which is not the same as HMDA, which requires you to report the Gross Annual Income relied on in making the credit decision. Again, this is just one example where having data points that are similar, but not the same, can open a can of procedural errors you’d rather avoid.
Jerod gives an overview of what this meeting covered in the video.
Published
2024/09/04
