Compliance News

Independent Community Bankers of America (ICBA) President and CEO Rebeca Romero Rainey issued the following statement on the Consumer Financial Protection Bureau’s final rule implementing data collection and reporting requirements for small-business loans.

The Independent Community Bankers of America (ICBA) and 42 affiliated state banking associations today called on the Consumer Financial Protection Bureau to approve a proposed template that would improve mortgage disclosures required under TILA-RESPA Integrated Disclosure (TRID) rules.

The Consumer Financial Protection Bureau said state disclosure laws covering lending to businesses in California, New York, Utah, and Virginia are not preempted by the federal Truth in Lending Act.

The Independent Community Bankers of America (ICBA) today called on the Consumer Financial Protection Bureau to delay the release of its final rule implementing Section 1071 small-business data collection and reporting requirements until the Supreme Court has ruled on the constitutionality of the agency’s funding structure.

The Financial Crimes Enforcement Network published its first set of guidance materials to help small businesses understand upcoming beneficial ownership information reporting requirements taking effect on Jan. 1, 2024.

A U.S. appeals court ruled that the Consumer Financial Protection Bureau’s funding structure is constitutional as the Supreme Court prepares to consider the question later this year.

ICBA expressed support for legislation to support more flexible agency rules that take account of the size and compliance resources of small businesses.

ICBA continues encouraging community bankers to submit comments by next week’s deadline urging the Consumer Financial Protection Bureau to test and ultimately adopt an ICBA proposal to update mortgage disclosures.