Ranking Members Velázquez, Waters Applaud — Small Business Data Collection, Root out Lending Discrimination (March 30, 2023)

Summary

A March 30, 2023 statement from Congresswoman Nydia Velázquez (D-NY), the top Democrat on the House Small Business Committee, and Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee. It follows the Consumer Financial Protection Bureau's move to issue its final rule implementing the small business data requirements of Section 1071 of the Dodd-Frank Act. The statement says the rule requires lenders to disclose demographic information about the loans they make to small businesses, and calls the final rule the culmination of more than a decade of advocacy. It also says the transparency will promote competition.

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Ranking Members Velázquez, Waters Applaud CFPB’s Final Rule to Implement Small Business Data Collection, Root out Lending Discrimination

March 30, 2023

Washington, D.C.— Today, Congresswoman Nydia Velázquez (D-NY), the top Democrat on the House Small Business Committee and Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee, released this statement following the Consumer Financial Protection Bureau’s move to issue its final rule implementing the small business data requirements of Section 1071 of the Dodd-Frank Act.

“We applaud the Consumer Financial Protection Bureau (CFPB) for finalizing this important rule to require lenders to disclose demographic information about the loans they make to small businesses. Entrepreneurs are the economic engine of our nation and today’s final rule is the culmination of more than a decade of advocacy to provide better data on the extent of discrimination encountered by small business owners seeking access to credit. This critical rule will shine a light on disparities in lending to small business owners and help Congress understand how to ensure that banks and other lenders are meeting the credit needs of all of our nation’s small businesses — especially those that are women-owned and minority-owned. This transparency will promote competition and help lenders, especially community financial institutions, identify new opportunities to serve the needs of small businesses.”

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