ICBA commended the Senate for passing an ICBA-advocated resolution to nullify the Consumer Financial Protection Bureau’s Section 1071 small-business data collection and reporting requirements.
Senate Vote: The 53-44 vote—which sends Sen. John Kennedy’s (R-La.) S.J.Res.32 to the House—included five members of the Democratic caucus voting yes. The vote follows July’s House Financial Services Committee passage of the House version of the resolution.
ICBA Response: “The CFPB’s data collection requirements would significantly degrade the ability of community banks to meet the needs of small businesses while requiring financial institutions to burden their customers with invasive and personal questions the CFPB would then publicly report,” ICBA President and CEO Rebeca Romero Rainey said in a national news release. “We applaud the Senate for today’s vote and urge the full Congress to block this misguided rule.”
Background: The ICBA-opposed CFPB rule requires lenders to collect and report data on credit applicants, including the race, sex, and ethnicity of the principal owners as well as gross annual revenue. S.J.Res.32 would provide for congressional disapproval of the CFPB’s 1071 rule and dictate that it has no force or effect, requiring the bureau to craft a new rule.
Grassroots Tools: As the debate continues in Congress, community bankers can use ICBA’s Be Heard grassroots action center to urge their lawmakers to advance the resolutions. ICBA also offers customizable resources that community bankers can use to educate and engage their customers on the ICBA-opposed 1071 rule, including a recently added handout for small-business customers.
