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ICBA sent a letter to Representative John Rose (R-Tenn.) in support of the Bank Loan Privacy Act, which would address one of the primary risks associated with the Consumer Financial Protection Bureau’s final rule under Dodd-Frank Section 1071.
The CFPB’s rule requires the collection and subsequent publication of 81 points of personal, financial data on small business loan applicants. ICBA strongly opposes the Bureau’s rule and the underlying statute because publication of collected data would compromise the privacy of small business loan applicants.