ICBA advocacy briefing this week on 1071 push

Dec. 06, 2021

ICBA this week is hosting a complimentary briefing on its campaign targeting the Consumer Financial Protection Bureau’s Section 1071 proposal.

Details: Scheduled for 3 p.m. (Eastern time) this Thursday, Dec. 9, the briefing will cover the proposed small-business data collection and reporting requirements and how community bankers can weigh in.

Comment Letters: Because the CFPB does not consider form letters, ICBA is calling on community bankers to use its comprehensive guide to develop, format, and submit personalized comments.

Background: Dodd-Frank Section 1071 requires financial institutions to collect and report data on credit applications from certain small businesses, which would restrict access to credit, raise borrower privacy concerns, and require costly new third-party relationships.

ICBA Position: ICBA is strongly advocating a robust community bank exemption and other reforms, as laid out in ICBA’s comment letter guide.