ICBA requests records on CFPB’s 1071 rulemaking

ICBA and other groups filed a Freedom of Information Act request seeking Consumer Financial Protection Bureau records on its implementation of Section 1071 of the Dodd-Frank Act.

Details: The groups are requesting the CFPB’s records and information to ascertain its compliance with the Administrative Procedure Act and Paperwork Reduction Act as it implements its 1071 rule establishing new data collection and reporting requirements for small-business loans.

FOIA Request: In its formal FOIA request and a separate message to CFPB Director Rohit Chopra, the groups requested:

• CFPB communications records on the 1071 rulemaking that have not been previously released.

• Internal records on whether any of these communications were subject to the Paperwork Reduction Act or Administrative Procedure Act.

Congressional Impact: The FOIA request also is designed to support congressional oversight of the CFPB. While the CFPB and other agencies can claim certain exemptions from FOIA requests, they cannot exercise exemptions from congressional requests.

ICBA Push: ICBA is calling on the CFPB to exempt more community banks and small businesses from the 1071 proposal to limit the chilling effect on small-business lending.