The U.S. District Court for the Southern District of Texas granted a request by ICBA, the Independent Bankers Association of Texas (IBAT), and Texas First Bank to intervene in the TBA v. CFPB case challenging the 1071 rule, a key procedural development. In a motion to intervene and in a separate complaint, ICBA, IBAT, and Texas First called on the court to declare that the 1071 final rule is invalid and to provide injunctive relief.
In a message to community bankers on Tuesday, ICBA President and CEO Rebeca Romero Rainey called the ruling a “positive step forward” while vowing to continue ICBA’s longstanding efforts to protect community banks and small businesses from the harmful and burdensome policy. “At ICBA, we will never stop fighting for those we exclusively represent—the nation’s community banks,” Romero Rainey said.
Grassroots Resources: Meanwhile, ICBA continues calling on community bankers to keep the pressure on Congress. Community bankers can use ICBA’s Be Heard grassroots action center to urge their lawmakers to support a resolution to block the 1071 rule as well as ICBA’s customizable resources to educate and engage their customers on the issue.
Compliance Resources: ICBA also offers a summary of the rule as well as more than 100 Q&As about it
on the ICBA Compliance Vault, while the CFPB offers frequently asked questions and a small entity compliance guide for more information.
