November 27, 2023

Letter to House Urging Support for SJRes 32 to Nullify 1071 Rule

On behalf of ICBA and the nearly 50,000 community bank locations we represent, I write to urge your support for S.J.Res.32, a Congressional Review Act resolution of disapproval of the Consumer Financial Protection Bureau’s (CFPB’s) Small Business Loan Application Data Collection Rule under Section 1071 of the Dodd-Frank Act.

S.J.Res.32 would nullify a rule that will create a chilling effect on the credit small businesses need to survive and prosper in a time of economic uncertainty. Notably, this important resolution passed the Senate on a strong bipartisan vote on October 18. ICBA and community banks urge all members of the House to vote YES when it comes to the House floor.