Section 1071 Denial Reasons VS. Regulation B Denial Reasons

While the 1071 requirements are part of Regulation B, not everything lines up perfectly. For instance, 1071 requires you to report …the principal reason or reasons the financial institution denied the covered application. You may recall that the adverse action notice model form found in Appendix C includes a listing of possible denial reasons; however, the specific 1071 codes to be used for reporting the denial reasons do not match up exactly.

We’ve put together a “Denial Reasons Comparison Chart (Version 1.0) ” to assist you in determining which 1071 codes to report, based on the sample denial reasons provided in Appendix C. It is available now in our Free Lending Tools.
** Type "1071" in search bar to see all your 1071 tools.

Jerod explains the chart more here:


Stay tuned as we have more Section 1071 tools in process!

1071 Resources!

Published
2024/07/19

 
Jerod Moyer

Jerod Moyer

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!

Recent Posts

Consent Order for Surprise Overdraft Fees

Congress Mandates Monthly Installments for Flood Insurance

Compliance Officers & Teamwork

Archives

see all topics
Section 1071 Denial Reasons VS. Regulation B Denial Reasons
0:59