ICBA supports revisions to the 1071 small-business rule 

ICBA expressed support for the Consumer Financial Protection Bureau’s proposed revisions to its 1071 small-business data collection and reporting rule while pushing for additional relief and regulatory parity. 

Details: In a letter to the CFPB, ICBA said: 

• The proposal to exempt institutions that originate fewer than 1,000 covered small-business loans per year would cover the vast majority of community banks, though the CFPB should exempt all community banks under $10 billion in assets. 

• Categorically exempting Farm Credit System lenders would provide disproportionate benefits to some of the largest financial institutions in the country. 

• The proposal to decrease the Gross Annual Revenue threshold that defines a small business from $5 million to $1 million better aligns with the statutory purpose of Section 1071. 

Community Banker Grassroots: ICBA thanks the many community bankers who responded to ICBA’s grassroots campaign by submitting comment letters to the CFPB. 

Recent ICBA Advocacy: 

• ICBA last month commended the administration for making needed improvements to the CFPB’s 1071 rule to help mitigate the negative impact of the intrusive and overly burdensome data collection and reporting requirements for small-business loans. 

• ICBA continues working to advance legislation to address the underlying statute of Section 1071, such as the 1071 Repeal to Protect Small Business Lending Act (H.R. 976/S. 557), the Small LENDER Act (H.R. 941), and the PROTECTED Act (S. 2352).