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