to Make a Difference
agriculture, for both young farmers and seasoned producers. MBA staff, along with some Missouri bankers, has spoken with our delegation about ECORA. Despite this, our elected officials need to hear directly from you, their constituents. Take some time to share your thoughts about ECORA with your representative and senators, and ask them to co-sponsor the ECORA Act that will help revive our rural ag economies.
A new regulatory proposal causing headaches and heartburn for bankers comes from the Consumer Financial Protection Bureau. Te 913-page proposal, issued Sept. 1, implements Section 1071 of the Dodd- Frank Act that requires banks to collect credit application data for small businesses, including the amount and type of small business credit applied for and extended; the race,
ethnicity and sex of the small business owners; and several key elements of the price of the credit offered. Products subject to the 1071 rule would include business and agricultural-purpose loans, lines of credit, credit cards and merchant cash advances.
I don’t need to tell you about the excessive and unnecessary amount of resources that will be spent on this rule. Tat’s time and money that could be well-spent helping our small business owners explore options to enhance their services, which in turn strengthens our economy. You do need to explain this to the CFPB, which is accepting comments on the proposal until Jan. 6, 2022.
Both of these instances illustrate the importance of making our voice heard. And this voice should not be limited to just the bank’s chairman, CEO or
president. Rather, it needs to be everyone in the bank and on your board. Our voice is much louder if we engage our staff at all levels. We can’t expect the same individuals — the bankers we know who will always say something — to always be the ones fighting for our industry. Tis affects all of us and if we want to have a say in this fight, we’ve got to take a stand.
I have never regretted hustling down the line in a baseball game or fighting for our industry. I don’t want to live with regret that I could have won an issue if I had only tried. Giving it all that you have doesn’t work every time, but you never know unless you try.
MBA’s podcast explores topics relevant and interesting to bankers. Our fun, engaging conversations help you stay ahead of what’s happening in banking. Our Two Cents with MBA is on MBA’s website, iTunes, Apple Podcasts, Google Podcasts and Spotify.
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