CFPB issues NAFCU-opposed final rule on small business data collection rule

FOR IMMEDIATE RELEASE | March 30, 2023

CFPB issues NAFCU-opposed final rule on small business data collection rule

WASHINGTON – The CFPB finalized its rule to implement section 1071 of the Dodd-Frank Act on small business lending data collection. The rule would have a tremendously negative impact on credit union small business lending, not to mention the costs of implementing the rule which would likely be passed on to consumers.

“The CFPB continues to pursue misguided policies that will hurt the small businesses and consumers they purport to protect,” said NAFCU President and CEO Dan Berger. “The final rule to implement section 1071 ignores valid concerns raised by credit unions and community development groups. It will add significant compliance costs and burdens to business lending, forcing many small credit unions to stop making these loans all together."

“This harms the many rural towns and underserved communities where credit unions and community banks are the only lender left. NAFCU will continue to fight for relief to ensure credit unions can effectively support Main Street businesses across the country," added Berger.

NAFCU remains at the forefront of this issue to make sure credit unions have the tools to adequately support and provide access to credit for small businesses.

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The National Association of Federally-Insured Credit Unions is the only national trade association focusing exclusively on federal issues affecting the nation’s federally-insured credit unions. NAFCU membership is direct and provides credit unions with the best in federal advocacy, education and compliance assistance. For more information on NAFCU, go to www.nafcu.org or @NAFCU on Twitter.

Media Contact

Amanda Dela Cruz
adelacruz@nafcu.org
(571) 447-0022

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