ICBA met with the Small Business Administration’s Office of Advocacy to discuss issues raised at a recent Consumer Financial Protection Bureau symposium on Section 1071 of the Dodd-Frank Act. One of the final outstanding provisions of Dodd-Frank, 1071 requires the CFPB to implement rules for collecting and reporting data on small-business lending.
In the CFPB's fall 2019 rulemaking agenda, the bureau said it will convene a Small Business Regulatory Enforcement Fairness Act panel of representatives from the CFPB, SBA, and Office of Management and Budget. SBREFA panels collect advice from small-entity representatives on the potential economic impact of proposed regulations before the formal rulemaking process begins.
In a letter to the CFPB earlier this year, ICBA reiterated its concerns with the 1071 data-collection policy, noting that it is inconsistent with the non-homogenous nature of small-business loans.