Comments on the Consumer Financial Protection Bureau’s 1071 data collection and reporting requirements are due tomorrow, Jan. 6.
Submitting Comments: ICBA’s 1071 resource center offers a summary, guides, comment portals, and more to help community bankers and small-business customers submit personalized comment letters because the CFPB does not consider form letters.
Background: Dodd-Frank Section 1071 requires financial institutions to collect and report data on credit applications from certain small businesses, which would restrict access to credit, raise borrower privacy concerns, and require costly new third-party relationships.
