Quiz for 1071 Overview and Update

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?

1. Section 1071 stands for the new set of regulations promulgated by the CFPB to replace the existing rules in Regulation B.

1. Which of the following are elements of the new Section 1071 regulations?

1. Which tier level must collect and report Section 1071 information soonest?

1. Which of the following is an exempt transaction under the new regulations?

1. Which of the following are data points generated by the financial institution?

The final regulations are currently still under injunction for all lenders but that will end January 1, 2025.

A covered financial institution is one that originated at least ___ covered credit transactions for small businesses in each of the two preceding calendar years.

1. A covered application for this purpose must be defined consistently with HMDA and Reg Z.

1. The final regulations define a small business as one that has $___ million or less in gross annual revenue.