If you are just starting to dig into the Section 1071 requirements or you have been preparing for a while now, we have heard from a lot of you that determining whether an application will be subject to the requirements will be quite challenging. After all, there is a lot to consider and understand before you can even get to the point of knowing how to change your procedures and processes.
We’ve put together a “Section 1071 Application Coverage Matrix (Version 1.0) ” to assist you in understanding whether an application is subject to the Section 1071 data collection requirements. It is available now in our Free Lending Tools.
Jerod explains the matrix more here:
Published
2024/08/05