ICBA-advocated 1071, de novo, anti-CBDC bills set for House markup

The House Financial Services Committee is scheduled to take up three ICBA-advocated bills this week to repeal the CFPB’s 1071 rule, promote de novo bank formation, and restrict the issuance of a U.S. central bank digital currency.

This Week’s Markup: Scheduled for 10 a.m. (Eastern time) tomorrow, the markup will feature:

• The 1071 Repeal to Protect Small Business Lending Act (H.R. 976), House Small Business Committee Chairman Roger Williams’s (R-Texas) bill to repeal the statute that underlies the CFPB’s 1071 rule.

• The Promoting New Bank Formation Act (H.R. 478), Subcommittee on Financial Institutions Chair Andy Barr’s (R-Ky.) bill directing regulators to phase in de novo bank capital standards and remove limitations on agricultural lending, among other needed changes to spur de novo bank formation.

• The Anti-CBDC Surveillance State Act (H.R. 1919), House Majority Whip Tom Emmer’s (R-Minn.) bill to bar the Federal Reserve Banks from issuing a CBDC and the Federal Reserve from using a CBDC to implement monetary policy.

Senate CBDC Bill: The Senate version of the Anti-CBDC Surveillance State Act was introduced last week by Sen. Ted Cruz (R-Texas). In the news release from Cruz, ICBA President and CEO Rebeca Romero Rainey said a Federal Reserve-issued CBDC “would disintermediate community banks, reduce credit availability, and undermine consumer privacy.”

ICBA Support: The bills are key elements of ICBA’s “Repair, Reform, and Thrive” plan and open letter to the 119th Congress.