Washington, D.C. (Sept. 1, 2021) — Independent Community Bankers of America (ICBA) President and CEO Rebeca Romero Rainey issued the following statement on today’s Consumer Financial Protection Bureau proposed rule to implement Section 1071 of the Dodd-Frank Act.
“ICBA strongly supports a robust community bank exemption from Dodd-Frank Act Section 1071 — which requires the CFPB to implement data collection and reporting requirements for small-business lending — but today’s proposal is too narrow and would apply to far too many community banks.
“The bureau’s proposal — covering community banks that originate 25 loans or more — would ensnare even the smallest community banks in rural and other underserved areas, where barriers to credit should be reduced. Imposing any new data collection and reporting requirements on community banks would harm small-business lending at the very time local businesses are working to recover from the COVID-19 pandemic.
“The CFPB should reconsider the impact of this proposed rule on small-business lending and access to credit before proceeding with a final rule.
“ICBA will continue to review today’s proposed rule and gather feedback from community bankers before submitting comments.”
For more information, visit www.icba.org.
The Independent Community Bankers of America® creates and promotes an environment where community banks flourish. ICBA is dedicated exclusively to representing the interests of the community banking industry and its membership through effective advocacy, best-in-class education, and high-quality products and services.
With nearly 50,000 locations nationwide, community banks constitute 99 percent of all banks, employ more than 700,000 Americans and are the only physical banking presence in one in three U.S. counties. Holding more than $5.7 trillion in assets, over $4.7 trillion in deposits, and more than $3.6 trillion in loans to consumers, small businesses and the agricultural community, community banks channel local deposits into the Main Streets and neighborhoods they serve, spurring job creation, fostering innovation and fueling their customers’ dreams in communities throughout America. For more information, visit ICBA’s website at www.icba.org