1071 campaign now open to small-biz customers

ICBA is calling on community bankers to enlist their small-business customers in the industry’s comment letter campaign on the Consumer Financial Protection Bureau’s 1071 data collection and reporting requirements.

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.

Submitting Comments: Because the CFPB does not consider form letters, ICBA offers comprehensive guides on its 1071 resource center to help community bankers and small-business customers develop and submit personalized comments advocating needed reforms.

Resource Center: Comprehensive resources—including a summary of the proposal, guides, comment portals for community bankers and small-business customers, and a recording of ICBA’s briefing on the campaign—are available on ICBA’s 1071 resource center.