Romero Rainey: Act now on 1071 proposal

ICBA President and CEO Rebeca Romero Rainey called on community bankers to join the grassroots push on the Consumer Financial Protection Bureau’s 1071 proposal.

Submitting Comments: ICBA offers a comprehensive guide to help community bankers develop, format, and submit personalized comments unique to their bank and community.

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: While ICBA has strongly advocated a robust community bank exemption to the reporting requirements, the CFPB is proposing to exempt only institutions that originate fewer than 25 loans per year.

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.