Quiz for Deep Dive into the Section 1071 Final Rule

1. What date did the CFPB to issue the 1071 Final Rule?

2. To be a covered financial institution, there must be at least ___ covered originations in each of the ___ preceding calendar year(s)

3. Pursuant to the final rule, a “small business” is a small business concern that had _____ or less in gross annual revenue for its preceding fiscal year.

4. A financial institution must begin collecting data and otherwise complying with the final rule on October 1, 2024 if it originated at least _____ covered originations in both 2022 and 2023.

5. What regulation and/or statute created Section 1071?

6. Financial institutions must collect data on a calendar-year basis and report it by _____.

7. The rule requires financial institutions to retain evidence of compliance with this rule for at least ____ years after they are required to be submitted.

8. Non-profit organizations and governmental entities covered as small businesses under the rule

9. Generally, a covered financial institution may reuse certain previously collected applicant-provided data to satisfy the requirement to collect and report certain data points if the data were collected within _____ months of the current covered application

10. Tier 1 financial institutions must begin collecting data and otherwise complying with the final rule on _____ if it originated at least _____ covered originations in both 2022 and 2023.