ICBA backs bill to scrap 1071 data mandate

Jan 21, 2020

ICBA expressed support for legislation to repeal a requirement that the Consumer Financial Protection Bureau develop rules for collecting and reporting data on small-business lending. The Preserving Small Business Lending Act of 2020 (H.R. 5574), introduced by Rep. Roger Williams (R-Texas), would repeal the mandate required by Section 1071 of the Dodd-Frank Act.

"Small business data collection and reporting will impose significant new and costly burdens on community banks and would only work to delay, thwart the availability, and raise the cost of credit," ICBA wrote in a letter to Williams.

ICBA has supported prior legislative efforts to scrap this unworkable mandate and repeatedly met with officials on community bank concerns.