Stay of 1071 Compliance Dates for ABA, ICBA Banks
The United States Court of Appeals for the Fifth Circuit has granted a stay on Section 1071’s mandatory compliance dates for those institutions that are members of the ABA (American Bankers Association), ICBA (Independent Community Bankers of America) or the Texas Bankers Association. These groups are part of the plaintiffs that previously argued the CFPB’s rule is impermissible.
The stay was granted because the CFPB essentially did nothing to oppose it. Stay tuned as this saga is far from over.
Published
2025/02/10
Diane Dean
Diane joined Banker’s Compliance Consulting with over 10 years of compliance experience and over 15 years of experience within the financial industry. Diane is a Certified Regulatory Compliance Manager (CRCM) and has a Bachelor’s Degree in Sociology with a concentration in Criminal Justice. She is a graduate of the Schools of Banking Compliance School and has participated in various other training opportunities throughout her career. Diane understands firsthand the struggles banks face in building and maintaining successful compliance programs. Her experience and common sense approach to consumer compliance is a great asset to our clients. Diane and her husband have two kids who keep them busy. She enjoys running and other sports and is a big Bugs Bunny fan! She’s a bit crazy in that she does enjoy reading some of these regulations and she’s a “crazy cat lady!” Her cat tales are hilarious!