Section 1071 Final Rule Issued
It’s been a long time coming, but the Section 1071 Final Rule is finally here! You may recall this Final Rule amends Regulation B to bring Section 1071 of The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) to fruition. The Dodd-Frank Act was passed way back in 2010, and it called for changes to the Equal Credit Opportunity Act (ECOA) with respect to collecting and reporting certain data on small business credit applications, including those that are minority-owned and women-owned. It also calls for safeguarding the data, shielding it from certain persons within the loan process, recordkeeping requirements, and more.
This is going to take a lot of planning, training, and procedural updates within your institution. We just wanted to let you know we are already dissecting the Final Rule and working to bring you plain English solutions!
Jerod explains more in the video.
Video Highlights:
- We will have many different resources to guide you on this journey.
- Check out the 1071 Landing Page on our website to assist you with your implementation plan.
- Consider joining our 1071 Thought Leadership Implementation and Planning Membership group.
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!