House Passes Bill to Prevent Transparency in Small Business Lending
WASHINGTON, D.C. – The U.S. House today passed a resolution, S.J.Res. 32, under the Congressional Review Act (CRA) to repeal the Consumer Financial Protection Bureau’s (CFPB) Section 1071 rule of the Dodd-Frank Act, which requires financial institutions to collect and report data on credit applications to the Bureau and the public. President Biden has indicated that he would veto the CRA bill if sent to him for signature. S.J.Res. 32 passed the U.S. Senate in October. Mitria Spotser, vice president and federal policy director at the Center for Responsible Lending (CRL) made the following