CFPB to Delay Section 1071 Compliance Dates
It appears the CFPB is set to publish an interim final rule (unpublished version here) that will officially delay the 1071 compliance dates by about one year. In the meantime, the CFPB has again indicated it plans to re-write the regulation, which will likely push the dates out even further.
The CFPB notes that it …believes that this length of time should be sufficient to extend beyond the court-ordered stays and for the CFPB to issue a new proposal to reconsider certain aspects of the 2023 final rule.
Published
2025/06/17
Diane Dean
Diane joined Banker’s Compliance Consulting with over 10 years of compliance experience and over 15 years of experience within the financial industry. Diane is a Certified Regulatory Compliance Manager (CRCM) and has a Bachelor’s Degree in Sociology with a concentration in Criminal Justice. She is a graduate of the Schools of Banking Compliance School and has participated in various other training opportunities throughout her career. Diane understands firsthand the struggles banks face in building and maintaining successful compliance programs. Her experience and common sense approach to consumer compliance is a great asset to our clients. Diane and her husband have two kids who keep them busy. She enjoys running and other sports and is a big Bugs Bunny fan! She’s a bit crazy in that she does enjoy reading some of these regulations and she’s a “crazy cat lady!” Her cat tales are hilarious!