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McHenry Slams CFPB’s Disastrous Small Business Lending Data Collection Rule
Washington,
March 30, 2023 -
Today, the Chairman of the House Financial Services Committee, Patrick McHenry (NC-10), issued the following statement in response to the Consumer Financial Protection Bureau’s (CFPB) release of its final rule implementing small business lending data collection as directed by the Dodd-Frank Wall Street Reform and Consumer Protection Act, Section 1071.
“The Consumer Financial Protection Bureau’s disastrous small business lending data collection rule is another front in the Biden Administration’s assault on small businesses,” said Chairman McHenry. “By imposing overly burdensome reporting requirements on smaller lenders, Director Chopra is jeopardizing the privacy and security of small business owners’ personal and financial data. Yet again, the CFPB under Rohit Chopra is limiting access to credit for small businesses still struggling under the weight of Democrat-induced inflation. To hold the CFPB accountable for its harmful rulemaking, the House Financial Services Committee will explore all options—including the Congressional Review Act—to ensure it does not take effect.”
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