ICBA is calling on community bankers to enlist their small-business customers in the industry’s comment letter campaign on the Consumer Financial Protection Bureau’s 1071 data collection and reporting requirements.
Small-biz customers can now join 1071 campaign
December 14, 2021 / By ICBA
ICBA is calling on community bankers to enlist their small-business customers in the industry’s comment letter campaign on the Consumer Financial Protection Bureau’s 1071 data collection and reporting requirements.
ICBA is calling on community bankers to enlist their small-business customers in the industry’s comment letter campaign on the Consumer Financial Protection Bureau’s 1071 data collection and reporting requirements.
Background: Dodd-Frank Section 1071 requires financial institutions to collect and report data on credit applications from certain small businesses, which would restrict access to credit, raise borrower privacy concerns, and require costly new third-party relationships.
Submitting Comments: Because the CFPB does not consider form letters, ICBA offers comprehensive guides on its 1071 resource center to help community bankers and small-business customers develop and submit personalized comments advocating needed reforms.
Resource Center: Comprehensive resources—including a summary of the proposal, guides, comment portals for community bankers and small-business customers, and a recording of ICBA’s briefing on the campaign—are available on ICBA’s 1071 resource center.
Subscribe now
Sign up for the Independent Banker newsletter to receive twice-monthly emails about new issues and must-read content you might have missed.
Sponsored Content
Featured Webinars
Join ICBA Community
Interested in discussing this and other topics? Network with and learn from your peers with the app designed for community bankers.
Subscribe Today
Sign up for Independent Banker eNews to receive twice-monthly emails that alert you when a new issue drops and highlight must-read content you might have missed.
News Watch Today
Join the Conversation with ICBA Community
ICBA Community is an online platform led by community bankers to foster connections, collaborations, and discussions on industry news, best practices, and regulations, while promoting networking, mentorship, and member feedback to guide future initiatives.
Join the Community Example Text
