Section 1071 Fire: The Feasibility Exception
Section 1071 requires financial institutions to implement and maintain a firewall ...that prohibits certain employees and officers of covered financial institutions (and certain of their affiliates’ employees and officers) from accessing… certain restricted data. This includes whether the applicant is a minority-owned business or a women-owned business as well as the ethnicity, race and sex of the applicant’s principal owners. While no financial institution is exempt from the firewall requirement itself, there is a feasibility exception which allows a financial institution to potentially grant access to the restricted data for certain employees/officers on a case-by-case basis.
Jerod explains more in the video.
Published 2026/07/29
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!