PORTFOLIO CHECKS & BALANCES ICBA advocacy results in nationwide 1071 delay ICBA will continue to work with policymakers to pursue 1071 relief for community banks. By Michael Emancipator t's been a busy year for the Consumer Financial Protection Bureau (CFPB) and its efforts to expand its data collection authority under the Dodd-Frank Act. From Section 1071's smallbusiness loan data collection and reporting requirements to Section 1033's provisions on sharing consumer financial data, the CFPB has used its rulemaking authority to create onerous new requirements for community banks-and ICBA has been pushing back throughout. I ICBA's biggest victory came in October, in partnership with the Independent Bankers Association of Texas (IBAT) and Texas First Bank, when the U.S. District Court for the Southern District of Texas expanded its injunction delaying implementation of Section 1071 of the Dodd-Frank Act to all community banks and covered institutions in the U.S. until after the Supreme Court decides on the constitutionality of the CFPB's funding structure in CFPB v. CFSA. A decision in that case is expected in the Supreme Court's spring 2024 term. Opposing Section 1071 ICBA has long opposed the 1071 smallbusiness data collection and reporting requirements. As ICBA noted in March 2023, when the CFPB finalized its rule, this ruling goes beyond the intent of Congress, collecting more than double the number of congressionally mandated data points and creating an onerous burden for community banks. It also has an overly broad definition 30 // ICBA Independent Banker // December 2023 Photo by VideoFlow/Adobe