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ICBA commended the House for passing an ICBA-advocated resolution to nullify the Consumer Financial Protection Bureau’s Section 1071 small-business data collection and reporting requirements.
House Vote: The bipartisan 221-202 vote follows a successful 53-44 Senate vote in October, sending the resolution to President Joe Biden. The resolution (S.J.Res.32) was introduced by Sen. John Kennedy (R-La.), with House Small Business Committee Chairman Roger Williams (R-Texas) leading the effort in the House.
ICBA Response: ICBA applauded the House for finalizing congressional approval of the resolution, thanked Chairman Williams for his efforts, and urged President Biden to sign the bipartisan resolution into law. “This important resolution admonishes intrusive and overly burdensome data collection and reporting requirements for small-business loans that would ultimately harm the women- and minority-owned small businesses the rule is designed to help,” ICBA President and CEO Rebeca Romero Rainey said in a national news release.
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.
Outlook: ICBA thanks community bankers for repeatedly reaching out to their members of Congress in support of the resolution. As the resolution heads to President Biden’s desk, community bankers can continue using ICBA’s customizable communications resources to educate and engage their customers on the ICBA-opposed 1071 rule.