ICBA launches comment letter campaign on 1071 proposal

ICBA is calling on community bankers to submit personalized comments on the Consumer Financial Protection Bureau’s proposal to implement Dodd-Frank Section 1071 collection and reporting requirements.

Submitting Comments: ICBA offers a comprehensive guide to help community bankers develop, format, and submit comments. Because the CFPB does not consider form letters, community bankers should submit letters unique to their bank and community.

Background: Section 1071 requires financial institutions to collect and report certain data on credit applications from women-owned, minority-owned, and small businesses, including the race, sex, and ethnicity of the principal owners.

ICBA Position: ICBA has strongly advocated a robust community bank exemption to the reporting requirements and said the proposal’s exemption for those that originate fewer than 25 loans per year is far too narrow.

Deadline: While ICBA and other organizations have advocated an extension, community bankers currently have until Thursday, Jan. 6, to use the ICBA guide to submit comment letters.