Section 1071 Firewall
The Section 1071 Rule requires financial institutions to implement and maintain a “firewall” that prohibits certain employees from accessing restricted data that is collected from covered applicants. In other words, an employee involved in making any determination concerning a covered application generally cannot access that applicant’s protected demographic information. Specifically, this includes an applicant’s responses as to whether they are a minority-owned, women-owned or LGBTQI+-owned business and the ethnicity, race, and sex of the principal owners. You will essentially be required to collect this information and then lock it up.
Jerod explains more in the video.
2025/03/18
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!