New Section 1071 Rules Put Banks Under the Compliance Microscope

Matt Kunkel, LogicGate CEO

While the goal of the law is to ensure fair lending practices and put small businesses on an even playing field, the new Section 1071 rules may force banks to reevaluate the way they approach lending. Banks that want to avoid running afoul of the new law will need to evaluate their own lending practices well in advance of the enforcement date, ensuring that they have the mechanisms in place to collect the right data and that the data is free from violations. As regulators continue to zero in on the financial industry, having the tools in place to successfully navigate the compliance landscape has never been more important.

Businesses must now align with these rigorous regulations to safeguard their critical infrastructure, data, and supply chains. To…

With the increasing reliance on digital infrastructure, regulatory bodies are stepping up to ensure these institutions are not…