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B2B: Section 1071 Proposed Rule

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Quiz for Back2Basics: Section 1071 Proposed Rule

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B2B: Section 1071 Proposed Rule
Back2Basics: Section 1071 Proposed Rule

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Question 1 of 10

1. Question
1. Are “covered originations” for purposes of determining an institution’s tier level defined the same as “covered applications” that are reportable if and when the institution is covered?
A. Yes
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B. No
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C. Yes, but only if the bank originated 1,000 or more covered transactions in the prior two calendar years
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D. No, because refinances are excluded from covered transactions
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Question 2 of 10

2. Question
1. The proposed changes will remove all references to LGBTQI+ status.
A. True
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B. False
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Question 3 of 10

3. Question
1. The proposed revisions to the Section 1071 rule would remove which of the following?
A. Prohibition on discouragement
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B. Firewall requirements
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C. Recordkeeping requirements
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D. All of the above
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Question 4 of 10

4. Question
1. The proposed changes to the 1071 rule would move the compliance date for all covered financial institutions to:
A. January 1, 2027
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B. June 1, 2027
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C. January 1, 2028
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D. June 1, 2028
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E. None of the above
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Question 5 of 10

5. Question
1. Which of the following would be an exempt transaction under proposed changes?
A. HMDA-reportable transactions
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B. Merchant cash advances
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C. Agricultural loans
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D. All of the above
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E. None of the above
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Question 6 of 10

6. Question
1. Which of the following data points will still be required if the proposed changes are implemented as proposed?
A. Application method
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B. Denial reason
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C. Interest rate
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D. All of the above
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E. None of the above
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Question 7 of 10

7. Question
1. Under the proposed revisions, a bank must maintain procedures to monitor response rates.
A. True
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B. False
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Question 8 of 10

8. Question
1. Under the proposed changes, a covered financial institution would be one that originated at least ___ covered credit transactions for small businesses in each of the two preceding calendar years.
A. 100
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B. 500
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C. 1000
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D. It can vary depending asset size
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Question 9 of 10

9. Question
1. The proposed revisions will exclude loans under what amount from being considered reportable covered credit transactions?
A. $500
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B. $1,000
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C. $5,000
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D. $10,000
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Question 10 of 10

10. Question
1. The proposed changes would alter the rule to define a small business as one that has $___ million or less in gross annual revenue.
A. 1
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B. 3
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C. 5
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D. It can vary depending on the type of business
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