Executive Letter: Ask Your Member of Congress to Stop CFPB’s Section 1071 Rule From Taking Effect
By Rose Oswald Poels
As I have previously reported, the Bureau of Consumer Financial Protection (CFPB) released its final rule, which will require nearly all of Wisconsin’s banks to collect and report data regarding their small business customers who seek credit.
CFPB’s Section 1071 rule will require banks who make at least 100 business loans in each of the two preceding calendar years to collect and report 21 data points for each credit requested by businesses that have $5 million or less in gross annual review.
Despite several Wisconsin bankers, and myself, speaking directly with Director Chopra regarding our grave concerns of the negative impact an overly broad rule will have — including concerns of data privacy for small business customers — CFPB finalized a rule, which largely disregarded our concerns.
I urge you to share this information among staff and ACT NOW to ask your member of Congress to support Joint Resolution H.J. 50 to express disapproval of CFPB’s final rule and ask that such a rule should have no force or effect. You may use the ABA or ICBA action tools below to make such request.
