Committee passes ICBA-advocated resolution to block CFPB’s 1071 rule

The House Financial Services Committee voted 29-21 to advance an ICBA-advocated resolution to block the Consumer Financial Protection Bureau’s Section 1071 rule.

Details: Introduced by Rep. Roger Williams (R-Texas), H.J.Res.66 would provide for congressional disapproval of the CFPB’s 1071 small-business data collection and reporting rule and dictate that it has no force or effect. In a letter to committee members this week, ICBA said the resolution would reverse the harm of the rule and require the CFPB to craft a new rule that preserves the flow of credit to small businesses.

Grassroots Alert: With the resolution now headed to the full House, ICBA continues calling on community bankers to use its Be Heard grassroots action center to urge their members of Congress to support the measure.

Custom Op-ed: Community bankers also can use an ICBA customizable op-ed to spread the word about the ICBA-opposed 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 the women- and minority-owned businesses it is designed to help.

Compliance Resources: The CFPB recently issued frequently asked questions on its 1071 rule after previously issuing a small entity compliance guide. ICBA also offers a summary of the rule as well as more than 100 Q&As about it on the ICBA Compliance Vault.