CFPB issues small entity guide on 1071 rule

The Consumer Financial Protection Bureau issued a small entity compliance guide on the bureau’s Section 1071 rule on small-business data collection and reporting.

Details: The CFPB’s guide includes a detailed summary of the final rule’s coverage requirements, reportable data points, examples to illustrate some parts of the final rule, record retention, and more.

Custom Op-ed: ICBA offers community bankers a customizable op-ed to spread the word that policymakers should block the 1071 rule. Available on ICBA’s “Tell Your Story” Toolkit, the custom op-ed cites the rule’s negative impact on privacy and its potential to harm women- and minority-owned businesses.

Grassroots Campaign: Meanwhile, ICBA continues calling on community bankers to use ICBA’s Be Heard grassroots action center to urge lawmakers to pass H.J.Res.50, which would provide for congressional disapproval of the 1071 rule and dictate that it has no force or effect.

ICBA Summary: ICBA offers a summary of the rule that details its scope of coverage, key definitions, compliance dates, collection and reporting procedures, and more.