ICBA Statement on CFPB’s New Proposal to Implement Section 1071 Small-Business Reporting Requirements

Washington, D.C. (Nov. 12, 2025) - Independent Community Bankers of America (ICBA) President and CEO Rebeca Romero Rainey issued the following statement on today's updated Consumer Financial Protection Bureau proposed rule to implement Section 1071 small-business reporting requirements.

"ICBA and the nation's community bankers commend 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.

"For instance, the CFPB's proposals to exempt institutions that originate fewer than 1,000 covered small-business loans per year and to exempt more small-business loans by defining small businesses as having gross annual revenues of $1 million or less align with ICBA's repeated calls for policymakers to exempt community banks from the data collection requirements. Nevertheless, ICBA continues calling on the bureau to fully exempt all community banks under $10 billion in assets from the rule to avoid degrading the ability of community banks to meet the needs of small businesses and requiring local institutions to burden their customers with invasive and personal questions.

"While ICBA reviews today's proposal, we continue our calls for Congress to advance legislation to address the underlying 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 PROTECTED Act (S. 2352) from Sens. Katie Britt (R-Ala.) and John Boozman (R-Ark.) would mitigate the adverse impact of the rule on small businesses and community banks.

"ICBA looks forward to continuing to work with policymakers to advance needed reforms to 1071 requirements to support community banks and the small businesses and local consumers they serve, in line with our "Repair, Reform, and Thrive" plan and open letter to the 119th Congress."

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.