Members of Congress continued to press Consumer Financial Protection Bureau Director Rohit Chopra on the bureau’s ICBA-opposed Section 1071 data-collection rule during a second day of hearings on Capitol Hill.
Hearing Pushback: With Chopra testifying before the House Financial Services Committee a day after appearing before the Senate Banking Committee, Republican members of the panel including Reps. Andrew Garbarino (N.Y.), Andy Ogles (Tenn.), and Roger Williams (Texas) asked the CFPB leader about the 1071 impact on community banks and the small businesses they serve.
Bicameral Resolution: During the hearing, Williams said the 1071 rule “is an attack on Main Street America” and cited an ICBA-advocated resolution he has introduced to nullify the rule. The resolution—which Sen. John Kennedy (R-La.) this week introduced in the Senate—would provide for congressional disapproval of the 1071 rule and dictate that it has no force or effect.
Grassroots: ICBA continues calling on community bankers to use its Be Heard grassroots action center to urge their members of Congress to support the ICBA-advocated resolution.
Compliance Q&As: Meanwhile, ICBA offers members more than 100 Q&As about the 1071 rule on its Compliance Vault. ICBA-member community bankers without an account can create one online.
