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