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The Consumer Financial Protection Bureau updated its frequently asked questions on its Section 1071 small-business rule.
Details: Dated Sept. 14, the updates apply to a range of questions and answers on 1071 implementation and compliance.
Additional Resources: The CFPB also offers a small entity compliance guide on the 1071 rule, while ICBA offers a summary of the rule and more than 100 Q&As about it on the ICBA Compliance Vault.
Grassroots Resources: Meanwhile, ICBA continues encouraging community bankers to use its custom resources to speak out on the 1071 rule.
ICBA offers custom resources, including social media content and a sample op-ed, to educate and engage customers on the impact of the rule.
ICBA’s Be Heard grassroots action center allows community bankers to urge their members of Congress to support a House and Senate resolution to block the rule.