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.