Support for Making the CFPB Accountable to Small Business Act

On behalf of ICBA and the nearly 50,000 community bank locations we represent, I write to thank you for introducing the Making the CFPB Accountable to Small Business Act (H.R. 8443).

ICBA strongly supports this legislation which would help to preserve the flow of community bank credit to small businesses and result in more flexible agency rules that take account of the size and compliance resources of small businesses. H.R. 8443 contains two provisions.

First, it would repeal Section 1071 of the Dodd Frank Act, which imposes burdensome and intrusive new data collection requirements on all small business loan applications. Once implemented, Section 1071 will increase the cost of originating small business loans as well as the cost of credit.