ICBA releases handout on 1071 rule for small-business customers

ICBA added a new handout for small-business customers to its collection of customizable tools on the Consumer Financial Protection Bureau’s Section 1071 rule.

New Handout: Community banks can use the handout to inform their small-business customers about the 1071 rule’s data collection and reporting requirements. It also features a QR code that customers can use to contact their members of Congress in opposition to the policy.

Customer-Facing Tools: ICBA’s Steps to Help Your Small Businesses Protect Their Privacy resource center offers additional resources, including social media content, a sample letter to Congress, and a sample op-ed detailing the rule’s negative impact on small businesses.

Grassroots Alert: Community bankers can also continue using ICBA’s Be Heard grassroots action center to urge their members of Congress to support a resolution to block the rule. The Senate is working to take up its version of the resolution after the House Financial Services Committee advanced its version in July.

Compliance Resources: ICBA also offers a summary of the rule as well as more than 100 Q&A's about it on the ICBA Compliance Vault, while the CFPB offers frequently asked questions and a small entity compliance guide.