ICBA continues calling on community bankers to urge their members of Congress to support a House resolution to nullify the Consumer Financial Protection Bureau’s Section 1071 rule to establish data collection and reporting standards for small-business loan applicants.
Grassroots: ICBA’s Be Heard grassroots action center makes it easy to urge lawmakers to pass H.J.Res.50, which would provide for congressional disapproval of the 1071 rule and dictate that it has no force or effect.
Custom Op-ed: Meanwhile, community bankers can use an ICBA customizable op-ed to spread the word about the ICBA-opposed rule. Available on ICBA’s “Tell Your Story” Toolkit, the custom op-ed cites the rule’s negative impact on privacy and its potential to harm the women- and minority-owned businesses it is designed to help.
Rule Summaries: The CFPB recently issued a small entity compliance guide on the 1071 rule. ICBA also offers a summary of the rule that details its scope of coverage, key definitions, compliance dates, collection and reporting procedures, and more.
