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ICBA President and CEO Rebeca Romero Rainey called on President Joe Biden to sign a recently passed bipartisan resolution to overturn the Consumer Financial Protection Bureau’s Section 1071 rule.
Details: In an op-ed on LinkedIn, Romero Rainey said Congress passed the resolution to nullify the 1071 rule because it would require financial institutions to burden small-business customers with invasive questions and then publicly report the data they collect to the agency. “With the bipartisan congressional resolution now headed to the White House, President Biden should sign this critical measure into law to ensure community banks can continue meeting the needs of the nation’s small businesses,” she wrote.
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—which passed the House last week following a successful Senate vote in October—would provide for congressional disapproval of the 1071 rule and dictate that it has no force or effect, requiring the bureau to craft a new rule.
Outlook: As the resolution heads to the president’s desk, community bankers can continue using ICBA’s customizable communications resources to educate and engage their customers on the ICBA-opposed 1071 rule.