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The Section 1071 Rule – Simplified


Rachel Mondragon, Director of Financial Institution Compliance


For more than a decade, studies have shown a consistent decrease in the number of small business loans year after year. While there may be more than one correlation to this statistic, there has never been a greater need for access to the data. Consistent with the CFPB’s goal of enforcing consumer protection laws, comes the need to identify patterns or practices of possible discrimination. In this case, that discrimination could be centered on small businesses, predominantly those owned by minorities and women.

Who is impacted:

Covered Institutions Must:

Prepare for These Changes:

Other Considerations:


1Exclusions include trade credit, public utilities, securities credit, or incidental credit.

About the Author:

Rachel Mondragon serves as Director of Financial Institution Compliance, a division of JRBT Bank Consulting where she brings notable experience working with banks, credit unions, fintech providers, mortgage companies as well as other institutions. Throughout her career, Rachel has assisted various clients with remediation efforts and compliance with federal and state enforcement actions. Rachel is recognized for executing detailed assessments while taking a hands-on approach to compliance services. Her experience includes a comprehensive knowledge of consumer protection regulations and other related laws, with an emphasis in BSA/AML, lending compliance and fair lending.

Rachel can be reached directly at Rachel_Mondragon@jrbt.com or 254.297.4206