Section 1071 Firewall: Restricted Data

The Section 1071 Rule requires financial institutions to collect and report certain data for covered loan applications from small businesses. This includes:

1. Business ownership status (i.e., whether the applicant is a minority-owned business or a women-owned business);
2. the number of principal owners; and,
3. the ethnicity, race and sex of the applicant’s principal owners.

Numbers one and three are considered restricted data which means that employees or officers that are involved in making any determination concerning the covered application generally cannot access or view it.

Jerod explains more in the video.

Published 2026/08/21