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.