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ICBA is taking steps to ensure that a recent court decision granting temporary injunctive relief from the Consumer Financial Protection Bureau’s Section 1071 final rule applies to all community banks, ICBA President and CEO Rebeca Romero Rainey said in a message to ICBA members.
CEO Message: In a CEO alert to ICBA community bankers, Romero Rainey said:
As issued, the U.S. District Court for the Southern District of Texas ruling appears to apply to banks that are members of the Texas Bankers Association or American Bankers Association.
While the ruling is pending the outcome of a separate case on whether the CFPB’s funding mechanism is unconstitutional, ICBA is working to ensure the temporary injunction applies to all community banks.
Following the court ruling, ICBA took immediate action and is reviewing all avenues to ensure that no community banks are excluded from the temporary relief.
Grassroots Campaign: Meanwhile, ICBA continues calling on community bankers to use its Be Heard grassroots action center to urge their members of Congress to support a resolution to block the 1071 rule, which the House Financial Services Committee advanced last week.
Custom Resources: ICBA also recently released customizable resources that community bankers can use to educate and engage their customers on the 1071 rule, including social media content, a sample letter to Congress, and a sample op-ed.
Compliance Resources: ICBA offers a summary of the rule as well as more than 100 Q&As about it on the ICBA Compliance Vault, while the CFPB offers frequently asked questions and a small entity compliance guide for more information.
Next Steps: “Community bankers: rest assured that ICBA will continue working on every available angle to protect community banks and their small-business customers from the harmful and burdensome 1071 rule,” Romero Rainey said. “We set out on this journey years ago and won’t stop fighting on your behalf.”