Committee slated to vote tomorrow on blocking 1071 rule

With the House Financial Services Committee slated to take up an ICBA-advocated resolution to block the Consumer Financial Protection Bureau’s Section 1071 rule, ICBA called on the committee to pass the measure.

New ICBA Letter: H.J.Res.66—which the committee is scheduled to mark up tomorrow—would provide for congressional disapproval of the 1071 small-business data collection and reporting rule and dictate that it has no force or effect. In a letter to committee members, ICBA said the resolution would reverse the harm of a misguided rule and require the CFPB to craft a new rule that preserves the flow of credit to small businesses.

Grassroots Alert: ICBA continues calling on community bankers to use its Be Heard grassroots action center to urge their members of Congress to support the resolution.

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.