ICBA Statement on CFPB’s Final Rule to Implement Section 1071 Small-Business Reporting Requirements

Washington, D.C. (April 30, 2026) - Independent Community Bankers of America (ICBA) President and CEO Rebeca Romero Rainey issued the following statement on the Consumer Financial Protection Bureau's final rule to implement Section 1071 small-business reporting requirements.

"ICBA commends the administration for heeding community banker concerns with the CFPB's 1071 rule and making needed improvements to help mitigate the negative impact of the intrusive and overly burdensome data collection and reporting requirements for small-business loans.

"For instance, provisions exempting institutions that originate fewer than 1,000 covered small-business loans per year, defining small businesses as having gross annual revenues of $1 million or less, and exempting agricultural loans align with ICBA's repeated calls for policymakers to exempt community banks from the data collection requirements. Nevertheless, ICBA continues to strongly oppose a full exemption for Farm Credit System entities without advancing a similar full exemption for all community banks under $10 billion in assets to avoid degrading the ability of community banks to meet the needs of small businesses.

"While ICBA reviews today's final rule, we continue our calls for Congress to advance legislation to address the 1071 statute. The ICBA-supported 1071 Repeal to Protect Small Business Lending Act (H.R. 976/S. 557), introduced by House Small Business Committee Chairman Roger Williams (R-Texas) and Senate Banking Committee member John Kennedy (R-La.), would repeal the statute that underlies the CFPB rule. Meanwhile the ICBA-backed Small LENDER Act (H.R. 941), introduced by House Financial Services Committee Chairman French Hill (R-Ark.) and recently advanced by the committee, and the PROTECTED Act (S. 2352) from Sens. Katie Britt (R-Ala.) and John Boozman (R-Ark.) would provide durable relief from the adverse impact of the rule on small businesses and community banks.

"ICBA supports the strong community bank exemptions contained in today's final rule and looks forward to continuing to work with policymakers to advance needed reforms to 1071 requirements that will support community banks and the small businesses and local consumers they serve."

About ICBA

The Independent Community Bankers of America® has one mission: to create and promote an environment where community banks flourish. We power the potential of the nation's community banks through effective advocacy, education, and innovation.

As local and trusted sources of credit, America's community banks leverage their relationship-based business model and innovative offerings to channel deposits into the neighborhoods they serve, creating jobs, fostering economic prosperity, and fueling their customers' financial goals and dreams. For more information, visit ICBA's website at icba.org.