1071 Group Blog

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.

 

1071 Training

Published
2024/09/04

 

Andy Zavoina

Andy Zavoina, CRCM, began his career in finance and banking in 1981 at a finance company. He landed in a proper bank in 1983 and spent 21 years in community banking. He managed loan workouts, has been a consumer, commercial and real estate lender, managed those departments, and was his bank's first webmaster. He was responsible for compliance management, auditing, and training. He then worked for BankersOnline for 21 years teaching webinars and conferences. Andy is a nationally recognized speaker at state associations and schools across the U.S. and has served on the faculty of national banking schools. He has had articles published and lectured on many facets of compliance, the use of the internet and technology as a compliance tool. Andy is a recipient of the American Bankers Association’s Distinguished Service Award for his involvement and accomplishments in the field of regulatory compliance management. He chaired the ABA’s Compliance Executive Committee, its Editorial Advisory Board and served in other positions as well. Andy is a graduate of the ABA National Commercial Lending School, National Compliance and National Graduate Compliance School and is a Certified Regulatory Compliance Manager with the Institute of Certified Bankers.

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