A Final Rule amending Regulation B to implement the Section 1071 requirements was issued on May 1, 2026. There were a lot of changes from the previously issued Final Rule and subsequent re-proposal which means institutions will need to start the process of determining whether they are a “covered financial institution”, which transactions are “covered credit transactions” and what constitutes a “small business”. The sooner you make this determination; the sooner you can set your Section 1071 compliance plan into action. The mandatory compliance date is January 1, 2028.
Published 2026/05/21
Jerod is the leader of Banker’s Compliance Consulting’s training productions. He is a nationally recognized speaker. Whether it’s a conference, seminar, school, webinar or luncheon, it’s easy to stay engaged when he presents due to the amount of passion and energy he brings to each and every compliance topic. Jerod has spoken on behalf of the American Bankers’ Association, BankersOnline, many state banking associations, private compliance groups and financial institutions. He is a Certified Regulatory Compliance Manager (CRCM) and BankersOnline Guru. Jerod likes to spend his time (between reading regulations and producing compliance training!) relaxing at the lake with his wife and three children, following their activities or engaged in something sports-related!
