CFPB Backs Off Section 1071... For Now
We finally have a little news from the CFPB regarding Section 1071. On April 30th, the CFPB announced that it will not enforce the current Section 1071 regulation for those institutions that are not covered by a court-ordered stay. In other words, compliance for everyone is on hold. The CFPB still has its work cut out for it; however, in that it will have to comply with any existing court orders/filings (there are several), one of which is to rewrite the regulation and ensure it aligns with the law.
We touched on this briefly in the May issue of our Banking on BCC magazine and our Section 1071 Thought Leadership Implementation & Planning Membership Group just started a deep dive into the requirements of the law this past month. We will be comparing the law to the current regulation in the coming months’ meetings. Initial feedback from our members has indicated that many didn’t realize just how much is actually required by the law. If you would like to know more about the law vs. the regulation and where your efforts would be best spent in the coming months, be sure to check out the Group.
Here's a little taste of the April Meeting:
You can also join us on May 7th for our webinar, “Section 1071 Update: What’s Going On & Where Are We Going?”.
Published
2025/05/02
Amy Kudlacek
Amy brings many years of banking and compliance experience to Banker’s Compliance Consulting. She has worked for both large and small financial institutions and spent time working in every area of a bank. She started out as a teller in college and eventually became a branch manager. Her love, however, was always compliance. Amy began her career with Banker’s Compliance Consulting in 2000. Her knowledge and experiences have allowed her to develop a well-rounded and practical approach to regulatory compliance. Amy is CRCM certified, has a Bachelors Degree in Business Administration and is a graduate of the ABA Compliance School. Amy & her husband have two children at home and stay busy following their activities. They spend a lot of time in the bleachers!