ICBA applauds House panel for advancing 1071, de novo, anti-CBDC bills

ICBA commended the House Financial Services Committee for advancing three ICBA-advocated bills to repeal the CFPB’s 1071 rule, promote de novo bank formation, and restrict the issuance of a U.S. central bank digital currency.

Details: The House Financial Services Committee voted to advance:

• 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 Section 1071 of the Dodd-Frank Act and halt the CFPB’s data collection and reporting rule for small-business loans.

• 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, remove limitations on agricultural lending, and apply other 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 from issuing a U.S. central bank digital currency to consumers.

ICBA Advocacy: ICBA has worked closely with lawmakers on the legislation and expressed strong support for the measures in a letter to the committee ahead of the markup.

Next Steps: In a national news release following the votes, ICBA President and CEO Rebeca Romero Rainey commended the committee and urged the House to take up and pass the bills as soon as possible, citing their importance in ensuring community banks can continue meeting the financial services needs of local communities.

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

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