Section 1071 Timeline
The mandatory compliance date for the Section 1071 Final Rule is January 1, 2028. While this may not seem like a lot of time in compliance time, we’ve known a lot about what these requirements would look like since at least March of 2023. While it’s taken longer than expected and there have been changes along the way, the CFPB assumes that covered institutions have been working on their 1071 framework and implementation plan all along. We hope so too! The Final Rule allows (but does not require) financial institutions to “practice” their complete data collection efforts 12 months prior to the mandatory compliance date (1-1-2027), which will be here before you know it.
Regardless of where you are at with your implementation plan, make sure you keep your Board in the know!
Jerod explains more in the video.
Published 2026/07/06
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!