CFPB updates FAQs on 1071 rule

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.

Previous News

Innovation and relationship banking define community bank value proposition: ICBA leaders
Data show that consumers and small businesses value the symbiotic relationship between innovation and relationship banking that community banks offer, ICBA community bankers wrote in a new LinkedIn post.
Image
Sep 15, 2023
Romero Rainey: ICBA campaigns targeting credit union policies
With credit union executives in Washington this week for advocacy meetings, ICBA launched several campaigns to raise questions about credit union policies among lawmakers, ICBA President and CEO Rebeca Romero Rainey announced.
Image
Sep 15, 2023
Senator renews push to advance ICBA-opposed credit card routing bill
ICBA is calling on community bankers to voice strong opposition to renewed efforts by Sen. Roger Marshall (R-Kan.) to force Senate consideration of legislation to advance credit card routing restrictions.
Image
Sep 15, 2023

Related News Taxonomy