Tell MO Reps to Support Resolution Condemning CFPB Section 1071

The House Financial Services Committee marked up a Congressional Review Act resolution today condemning the Consumer Financial Protection Bureau’s final rule implementing Section 1071 of the Dodd-Frank Act. This rule requires financial institutions to collect and report credit application data for small businesses, including women-owned and minority-owned small businesses.

Under the rule, banks and other lenders that make at least 100 small-business loans in each of the two preceding calendar years will be required to collect 21 data points on credit applications from businesses that make $5 million or less in gross annual revenue. MBA has joined the banking industry in expressing concerns about the burden this rule could have on smaller institutions and credit for small businesses.

Missouri Reps. Blaine Luetkemeyer, Ann Wagner and Emanuel Cleaver serve on the House committee. MBA urges bankers to voice their support of the resolution to their representatives and also encourages your small business customers to express their support. The American Bankers Association also sent a letter of support for the resolution to House Financial Services Committee leaders ahead of the markup.