ICBA, states urge House to pass resolution nullifying 1071 rule

ICBA and 44 state community banking associations called on the House of Representatives to approve a resolution to nullify the Consumer Financial Protection Bureau’s 1071 final rule.

Joint Letter: In a new joint letter, the groups said the 1071 rule exempts only the lowest-volume small-business lenders, sets a high threshold for covered small businesses, and requires the collection of eight additional data points not required by statute—creating new layers of regulatory burden that will disrupt lending and reduce access to credit.

Grassroots Campaign: Meanwhile, ICBA continues calling on community bankers to use ICBA’s Be Heard grassroots action center to urge their lawmakers to pass H.J.Res.50, which would provide for congressional disapproval of the 1071 rule and dictate that it has no force or effect.

ICBA Summary: ICBA recently published a summary of the rule that details its scope of coverage, key definitions, compliance dates, collection and reporting procedures, and more.