With Congress returning to Washington next week, ICBA continues encouraging community bankers to use its customizable resources to educate and engage their customers on the Consumer Financial Protection Bureau’s Section 1071 rule.
Customer-Facing Tools: ICBA’s custom resources include social media content, a sample letter to Congress, and a sample op-ed detailing the 1071 data collection and reporting rule’s negative impact on small businesses.
Grassroots Alert: Community bankers can also continue using ICBA’s Be Heard grassroots action center to urge their members of Congress to support a resolution to block the rule. H.J.Res.66, which the House Financial Services Committee passed last month, and S.J.Res.32 in the Senate would provide for congressional disapproval of the rule and dictate that it has no force or effect.
Recent Court Filings: ICBA, the Independent Bankers Association of Texas, and Texas First Bank recently asked the U.S. District Court for the Southern District of Texas for a preliminary injunction prohibiting the CFPB from enforcing its 1071 rule nationwide. The court previously granted a request by ICBA, IBAT, and Texas First to intervene in the TBA v. CFPB case challenging the 1071 rule, a key procedural development.
Compliance Resources: ICBA also offers a summary of the rule as well as more than 100 Q&As about it on the ICBA Compliance Vault, while the CFPB offers frequently asked questions and a small entity compliance guide.
More: A recent message to community bankers from ICBA President and CEO Rebeca Romero Rainey offers a full run-down of ICBA’s comprehensive efforts to challenge the 1071 rule.