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Ranking Member Maxine Waters’ Statement on Senate Vote to Reverse CFPB’s Small Business Lending Data Collection Rule
Washington, DC, October 20, 2023
Today, Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee, released this statement following the Senate’s vote to block the Consumer Financial Protection Bureau’s (CFPB) small business lending data collection rule. The CFPB has long been supported by Congresswoman Waters and is the only federal agency dedicated to protecting consumers from a wide range of unfair, deceptive, and abusive products and practices provided by financial institutions, including payday lenders and big banks.
“I am deeply disappointed that the Senate voted to reverse the Consumer Financial Protection Bureau’s critical and long overdue rule to implement Section 1071 of Dodd-Frank regarding small business lending data collection. Specifically, this rule will require lenders to collect small business loan data, similar to what financial institutions already do for mortgage loans. Let me be clear, this vote is a betrayal to our nation’s entrepreneurs, particularly those who are women and people of color, who constantly face severe and persistent barriers to accessing the capital they need to start or grow their businesses. Given that small businesses are responsible for creating two-thirds of new jobs that are created, anything that stifles their growth will also inflict tremendous harm to our economy. Despite today’s disappointing vote, I will continue to fight against any effort to advance this harmful legislation in the House, and if it were to reach President Biden’s desk, I am pleased he has already made clear that he will promptly veto it. I urge my colleagues on both sides of the aisle to stand with our nation’s small businesses by supporting market transparency that will help lower costs and ensure fair lending opportunities for all small businesses.”
On April 5, 2023 Ranking Member Waters released a statement applauding the CFPB’s move to issue a final rule implementing Section 1071 of the Dodd-Frank Act.