A recently introduced bill by a House Republican seeks to protect community banks from a harmful provision in the 2010 Dodd-Frank Act.
The Making the CFPB Accountable to Small Business Act seeks to repeal Section 1071 of the Dodd-Frank Act that requires lenders to collect and report 12 data points when processing credit applications from small businesses, women-owned businesses, and minority-owned businesses, according to a July 20 press release by Rep. Scott Fitzgerald (R-Wis.) who introduced the bill.
In September 2021, the Consumer Financial Protection Bureau (CFPB) proposed a rule implementing Section 1071 which it claimed will help the government understand the barriers holding small businesses back from further prosperity….