CFPB launches 1071 technical support program

The Consumer Financial Protection Bureau launched a technical support program to help financial institutions implement and comply with its newly released Section 1071 final rule.

Details: The support program—dubbed SBL Help—is designed to provide oral and written assistance to financial institutions about their obligations to collect and report data on small-business loans under the final rule. Financial institutions can use an online form to submit technical questions.

Additional Resources: The CFPB also published:

• An implementation webpage containing several regulatory resources about the final rule.
• A data webpage with several technical resources about submitting lending data.
• A YouTube video on its implementation and compliance support and the timeline these materials are typically released.

ICBA Position: In a previous national news release, ICBA said it is deeply frustrated the final rule dramatically exceeds the letter of the law and does not adhere to ICBA’s repeated calls for the CFPB to exercise its authority to tailor its 1071 rulemaking. Two ICBA community bankers last week testified before Congress on ICBA’s call for the CFPB to delay the rule until the Supreme Court rules on the constitutionality of the bureau’s funding structure.

Media Outreach: Mississippi Bankers Association President and CEO Gordon Fellows this week appeared on the Supertalk Mississippi radio network to discuss community banker opposition to the rule. Fellows cited concerns about the privacy of small-business applicants, particularly in smaller communities.

ICBA Summary: ICBA is reviewing the rule and will release a comprehensive summary in the coming days.