The Consumer Financial Protection Bureau issued frequently asked questions on its Section 1071 small-business data collection and reporting rule. The FAQs cover which financial institutions, transactions, and small businesses are covered under the rule.
Other Resources: The new FAQs complement the CFPB’s small entity compliance guide on the 1071 rule. ICBA also offers a summary of the rule as well as more than 100 Q&As about the 1071 rule on its Compliance Vault for ICBA members.
Grassroots: Meanwhile, ICBA continues calling on community bankers to use its Be Heard grassroots action center to urge their members of Congress to support House and Senate resolutions that would nullify the 1071 rule.
Custom Op-ed: Community bankers also can use an ICBA customizable op-ed to spread the word about the ICBA-opposed rule. Available on ICBA’s “Tell Your Story” Toolkit, the custom op-ed cites the rule’s negative impact on privacy and its potential to harm the women- and minority-owned businesses it is designed to help.
