Independent Banker - November 2024 - 20

PORTFOLIO
◎FOCUS COMPLIANCE
How to prepare
for a potential 1071
implementation
While ICBA continues to challenge the 1071 rule's legality, community
banks must prepare for its potential passage. By Bridget McCrea
his past year, the Consumer
Financial Protection Bureau
(CFPB) finalized a rule implementing
Section 1071, which applies to
institutions that originated at least 100
small business loans in each of the two
preceding calendar years. A provision
in the Dodd-Frank Wall Street Reform
and Consumer Protection Act, the rule
T
requires covered financial institutions
to collect and report data on small
business lending.
The new reporting requirements
will be phased in over time based on
the loan volume of the institutions,
which must collect and report data
on small business lending, including
information on the race, ethnicity and
gender of business owners, as well as
the size of the loan, the interest rate
and the business's revenue (among
other data points).
The rule has faced numerous legal
challenges since being introduced.
Last year, ICBA, the Independent
Bankers Association of Texas and
Texas First Bank filed a Complaint
in Intervention in the United States
District Court for the Southern
District of Texas, asking the court
to declare the rule invalid under the
Administrative Procedures Act. At
the time of this writing, this lawsuit is
ongoing, and while the rule is still in
effect, the original compliance dates
have been delayed for 290 days due to
ICBA's ongoing legal challenge.
Be prepared for 1071
Regardless of how or when the
1071 rule is officially implemented,
community banks that lend to small
businesses should stay informed on
developments that may affect their
20 // ICBA Independent Banker // November 2024

Independent Banker - November 2024

Table of Contents for the Digital Edition of Independent Banker - November 2024

Contents
Independent Banker - November 2024 - Cover1
Independent Banker - November 2024 - Cover2
Independent Banker - November 2024 - Contents
Independent Banker - November 2024 - 2
Independent Banker - November 2024 - 3
Independent Banker - November 2024 - 4
Independent Banker - November 2024 - 5
Independent Banker - November 2024 - 6
Independent Banker - November 2024 - 7
Independent Banker - November 2024 - 8
Independent Banker - November 2024 - 9
Independent Banker - November 2024 - 10
Independent Banker - November 2024 - 11
Independent Banker - November 2024 - 12
Independent Banker - November 2024 - 13
Independent Banker - November 2024 - 14
Independent Banker - November 2024 - 15
Independent Banker - November 2024 - 16
Independent Banker - November 2024 - 17
Independent Banker - November 2024 - 18
Independent Banker - November 2024 - 19
Independent Banker - November 2024 - 20
Independent Banker - November 2024 - 21
Independent Banker - November 2024 - 22
Independent Banker - November 2024 - 23
Independent Banker - November 2024 - 24
Independent Banker - November 2024 - 25
Independent Banker - November 2024 - 26
Independent Banker - November 2024 - 27
Independent Banker - November 2024 - 28
Independent Banker - November 2024 - 29
Independent Banker - November 2024 - 30
Independent Banker - November 2024 - 31
Independent Banker - November 2024 - 32
Independent Banker - November 2024 - 33
Independent Banker - November 2024 - 34
Independent Banker - November 2024 - 35
Independent Banker - November 2024 - 36
Independent Banker - November 2024 - 37
Independent Banker - November 2024 - 38
Independent Banker - November 2024 - 39
Independent Banker - November 2024 - 40
Independent Banker - November 2024 - 41
Independent Banker - November 2024 - 42
Independent Banker - November 2024 - 43
Independent Banker - November 2024 - 44
Independent Banker - November 2024 - 45
Independent Banker - November 2024 - 46
Independent Banker - November 2024 - 47
Independent Banker - November 2024 - 48
Independent Banker - November 2024 - 49
Independent Banker - November 2024 - 50
Independent Banker - November 2024 - 51
Independent Banker - November 2024 - 52
Independent Banker - November 2024 - 53
Independent Banker - November 2024 - 54
Independent Banker - November 2024 - 55
Independent Banker - November 2024 - 56
Independent Banker - November 2024 - 57
Independent Banker - November 2024 - 58
Independent Banker - November 2024 - 59
Independent Banker - November 2024 - 60
Independent Banker - November 2024 - 61
Independent Banker - November 2024 - 62
Independent Banker - November 2024 - 63
Independent Banker - November 2024 - 64
Independent Banker - November 2024 - 65
Independent Banker - November 2024 - 66
Independent Banker - November 2024 - 67
Independent Banker - November 2024 - 68
Independent Banker - November 2024 - 69
Independent Banker - November 2024 - 70
Independent Banker - November 2024 - 71
Independent Banker - November 2024 - 72
Independent Banker - November 2024 - 73
Independent Banker - November 2024 - 74
Independent Banker - November 2024 - 75
Independent Banker - November 2024 - 76
Independent Banker - November 2024 - 77
Independent Banker - November 2024 - 78
Independent Banker - November 2024 - 79
Independent Banker - November 2024 - 80
Independent Banker - November 2024 - Cover3
Independent Banker - November 2024 - Cover4
https://www.nxtbook.com/mspc/independentbanker/january2025
https://www.nxtbook.com/mspc/independentbanker/december2024
https://www.nxtbook.com/mspc/independentbanker/november2024
https://www.nxtbook.com/mspc/independentbanker/october2024
https://www.nxtbook.com/mspc/independentbanker/september2024
https://www.nxtbook.com/mspc/independentbanker/august2024
https://www.nxtbook.com/mspc/independentbanker/july2024
https://www.nxtbook.com/mspc/independentbanker/june2024
https://www.nxtbook.com/mspc/independentbanker/may2024
https://www.nxtbook.com/mspc/independentbanker/april2024
https://www.nxtbook.com/mspc/independentbanker/march2024
https://www.nxtbook.com/mspc/independentbanker/february2024
https://www.nxtbook.com/mspc/independentbanker/january2024
https://www.nxtbook.com/mspc/independentbanker/december2023
https://www.nxtbook.com/mspc/independentbanker/november2023
https://www.nxtbook.com/mspc/independentbanker/october2023
https://www.nxtbook.com/mspc/independentbanker/september2023
https://www.nxtbook.com/mspc/independentbanker/august2023
https://www.nxtbook.com/mspc/independentbanker/july2023
https://www.nxtbook.com/mspc/independentbanker/june2023
https://www.nxtbook.com/mspc/independentbanker/may2023
https://www.nxtbook.com/mspc/independentbanker/april2023
https://www.nxtbook.com/mspc/independentbanker/march2023
https://www.nxtbook.com/mspc/independentbanker/february2023
https://www.nxtbook.com/mspc/independentbanker/january2023
https://www.nxtbook.com/mspc/independentbanker/december2022
https://www.nxtbook.com/mspc/independentbanker/november2022
https://www.nxtbook.com/mspc/independentbanker/october2022
https://www.nxtbook.com/mspc/independentbanker/september2022
https://www.nxtbook.com/mspc/independentbanker/august2022
https://www.nxtbook.com/mspc/independentbanker/july2022
https://www.nxtbook.com/mspc/independentbanker/june2022
https://www.nxtbook.com/mspc/independentbanker/may2022
https://www.nxtbook.com/mspc/independentbanker/april2022
https://www.nxtbook.com/mspc/independentbanker/march2022
https://www.nxtbook.com/mspc/independentbanker/february2022
https://www.nxtbook.com/mspc/independentbanker/january2022
https://www.nxtbook.com/mspc/independentbanker/december2021
https://www.nxtbook.com/mspc/independentbanker/november2021
https://www.nxtbook.com/mspc/independentbanker/october2021
https://www.nxtbook.com/mspc/independentbanker/september2021
https://www.nxtbook.com/mspc/independentbanker/august2021
https://www.nxtbook.com/mspc/independentbanker/july2021
https://www.nxtbook.com/mspc/independentbanker/june2021
https://www.nxtbook.com/mspc/independentbanker/may2021
https://www.nxtbook.com/mspc/independentbanker/april2021
https://www.nxtbook.com/mspc/independentbanker/march2021
https://www.nxtbook.com/mspc/independentbanker/february2021
https://www.nxtbook.com/mspc/independentbanker/january2021
https://www.nxtbook.com/mspc/independentbanker/december2020
https://www.nxtbook.com/mspc/independentbanker/november2020
https://www.nxtbook.com/mspc/independentbanker/october2020
https://www.nxtbook.com/mspc/independentbanker/september2020
https://www.nxtbook.com/mspc/independentbanker/august2020
https://www.nxtbook.com/mspc/independentbanker/july2020
https://www.nxtbook.com/mspc/independentbanker/june2020
https://www.nxtbook.com/mspc/independentbanker/may2020
https://www.nxtbook.com/mspc/independentbanker/april2020
https://www.nxtbook.com/mspc/independentbanker/march2020
https://www.nxtbook.com/mspc/independentbanker/february2020
https://www.nxtbook.com/mspc/independentbanker/january2020
https://www.nxtbook.com/mspc/independentbanker/december2019
https://www.nxtbook.com/mspc/independentbanker/november2019
https://www.nxtbook.com/mspc/independentbanker/october2019
https://www.nxtbook.com/mspc/independentbanker/september2019
https://www.nxtbook.com/mspc/independentbanker/august2019
https://www.nxtbook.com/mspc/independentbanker/july2019
https://www.nxtbook.com/mspc/independentbanker/june2019
https://www.nxtbook.com/mspc/independentbanker/may2019
https://www.nxtbook.com/mspc/independentbanker/april2019
https://www.nxtbook.com/mspc/independentbanker/march2019
https://www.nxtbook.com/mspc/independentbanker/february2019
https://www.nxtbook.com/mspc/independentbanker/january2019
https://www.nxtbook.com/mspc/independentbanker/december2018
https://www.nxtbook.com/mspc/independentbanker/november2018
https://www.nxtbook.com/mspc/independentbanker/october2018
https://www.nxtbook.com/mspc/independentbanker/september2018
https://www.nxtbook.com/mspc/independentbanker/august2018
https://www.nxtbook.com/mspc/independentbanker/july2018
https://www.nxtbook.com/mspc/independentbanker/june2018
https://www.nxtbook.com/mspc/independentbanker/may2018
https://www.nxtbook.com/mspc/independentbanker/april2018
https://www.nxtbook.com/mspc/independentbanker/march2018
https://www.nxtbook.com/mspc/independentbanker/february2018
https://www.nxtbook.com/mspc/independentbanker/january2018
https://www.nxtbook.com/mspc/independentbanker/december2017
https://www.nxtbook.com/mspc/independentbanker/november2017
https://www.nxtbook.com/mspc/independentbanker/october2017
https://www.nxtbook.com/mspc/independentbanker/september2017
https://www.nxtbook.com/mspc/independentbanker/august2017
https://www.nxtbook.com/mspc/independentbanker/july2017
https://www.nxtbook.com/mspc/independentbanker/june2017
https://www.nxtbook.com/mspc/independentbanker/may2017
https://www.nxtbook.com/mspc/independentbanker/april2017
https://www.nxtbookmedia.com