ICBA expressed strong support for new legislation to overturn the Consumer Financial Protection Bureau’s small-business data collection and reporting requirements under Section 1071 of the Dodd-Frank Act.
ICBA supports bill to scrap CFPB’s 1071 rule
February 06, 2025 / By ICBA
ICBA expressed strong support for new legislation to overturn the Consumer Financial Protection Bureau’s small-business data collection and reporting requirements under Section 1071 of the Dodd-Frank Act.
ICBA expressed strong support for new legislation to overturn the Consumer Financial Protection Bureau’s small-business data collection and reporting requirements under Section 1071 of the Dodd-Frank Act.
Details: The 1071 Repeal to Protect Small Business Lending Act, introduced by House Small Business Committee Chairman Roger Williams (R-Texas), would repeal the statute that underlies the CFPB rule.
Statement: “The 1071 Repeal to Protect Small Business Lending Act will halt the implementation of misguided data collection requirements that would significantly degrade the ability of community banks to meet the needs of small businesses, require financial institutions to burden their customers with invasive and personal questions, and permit the CFPB to publicly report this sensitive data,” ICBA President and CEO Rebeca Romero Rainey said.
Background: The CFPB’s rule requires lenders to collect and report data on credit applicants, including the race, sex, and ethnicity of the principal owners as well as gross annual revenue.
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