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ICBA offers comprehensive resources for its grassroots 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’s 1071 resource center offers a summary, guides, comment portals for community bankers and small-business customers, and more to support personalized comments advocating needed reforms.