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Ranking Members Waters, Velázquez Applaud CFPB’s Final Rule to Implement Small Business Data Collection, Root out Lending Discrimination
Washington, DC, March 30, 2023
Today, Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee, and Congresswoman Nydia Velázquez (D-NY), the top Democrat on the House Small Business Committee, released this statement following the Consumer Financial Protection Bureau’s move to issue its final rule implementing the small business data requirements of Section 1071 of the Dodd-Frank Act.
“We applaud the Consumer Financial Protection Bureau (CFPB) for finalizing this important rule to require lenders to disclose demographic information about the loans they make to small businesses. Entrepreneurs are the economic engine of our nation and today’s final rule is the culmination of more than a decade of advocacy to provide better data on the extent of discrimination encountered by small business owners seeking access to credit. This critical rule will shine a light on disparities in lending to small business owners and help Congress understand how to ensure that banks and other lenders are meeting the credit needs of all of our nation’s small businesses — especially those that are women-owned and minority-owned. This transparency will promote competition and help lenders, especially community financial institutions, identify new opportunities to serve the needs of small businesses.”