1071 comment letter deadline nears

The deadline for ICBA’s grassroots comment letter campaign on the Consumer Financial Protection Bureau’s 1071 data collection and reporting requirements is rapidly approaching.

Deadline: Community bankers and small-business customers have until Thursday, Jan. 6, to use ICBA’s 1071 resource center to submit personalized comment letters.

Submitting Comments: Because the CFPB does not consider form letters, ICBA’s 1071 resource center offers a summary, guides, comment portals, and more to advocate needed reforms.

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.