ICBA urges President Joe Biden to sign into law S.J.Res.32, a Congressional Review Act resolution of disapproval of the Consumer Financial Protection Bureau’s Small Business Loan Application Data Collection Rule under Section 1071 of the Dodd-Frank Act.

ICBA shared feedback on the Office of Management and Budget’s Proposed Memorandum for the Heads of Executive Departments and Agencies. The OMB’s Proposed Memo establishes new agency requirements and guidance for artificial intelligence governance, innovation, and risk management, including through specific minimum risk management practices for uses of AI that impact the rights and safety of the public.

ICBA supports the FDIC's push for complete resolution plans and associated testing for banks with total consolidated assets at the $100 billion level and above utilizing a bridge depository institution approach that would give the FDIC adequate time to find an appropriate acquirer or multiple acquirers in an organized bid offering.

On behalf of ICBA and the nearly 50,000 community bank locations we represent, I write to urge your support for S.J.Res.32, a Congressional Review Act resolution of disapproval of the Consumer Financial Protection Bureau’s (CFPB’s) Small Business Loan Application Data Collection Rule under Section 1071 of the Dodd-Frank Act.

S.J.Res.32 would nullify a rule that will create a chilling effect on the credit small businesses need to survive and prosper in a time of economic uncertainty. Notably, this important resolution passed the Senate on a strong bipartisan vote on October 18. ICBA and community banks urge all members of the House to vote YES when it comes to the House floor.