Section 1071 for the Board: Policies, Procedures & Processes
We are in a holding pattern when it comes to the Section 1071 Rule. As we wait for a new regulation to be written, it’s still important to keep your Board informed along the way. While we obviously cannot predict with total certainty what a new regulation will look like, we can look to the law in some cases. The law does NOT require institutions to have a written, Board-approved policy for 1071, but your Board still needs to know there is a plan in place to help ensure compliance. Regardless of whether we’re talking specifically about 1071 or not, a key part of successful implementation is making sure everyone understands what is expected of them.
Jerod explains more in the video.
2025/05/16
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!