Chairman Williams Releases Statement on the Biden Administration’s Continued Regulatory Assault on Main Street America

Summary

A statement dated March 30, 2023 from Chairman Roger Williams (R-TX) responds to the Consumer Financial Protection Bureau implementing the Small Business Lending Data Collection rule. Williams says the Committee on Small Business had heard from banks and credit unions that week about how detrimental the proposed data collection rulemaking would be on Main Street America. Williams says the final rule does nothing to fix the issues discussed at the hearing and will increase the cost of credit for small businesses by adding new reporting requirements for financial institutions. Williams says he is committed to exploring all avenues to keep the rule from going into effect.

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Chairman Williams Releases Statement on the Biden Administration’s Continued Regulatory Assault on Main Street America

Biden's Assault on Main Street

March 30, 2023

WASHINGTON, D.C. – Today, Chairman Roger Williams (R-TX) issued the following statement on the Consumer Financial Protection Bureau implementing its 1071 rule known as the Small Business Lending Data Collection rule.

“Just this week, the Committee on Small Business heard from banks and credit unions on how detrimental the CFPB’s proposed data collection rulemaking would be on Main Street America,” said Chairman Williams. “Unfortunately, the final rule that was just released does nothing to fix the issues that were discussed during the hearing. This 888-page regulation will increase the cost of credit for small businesses across the country by adding significant new reporting requirements on the financial institutions that fulfill their credit needs. In a time of high inflation and rising interest rates, small businesses cannot afford this additional burden that will make it more expensive for them to get a loan. I am committed to exploring all avenues at our disposal to ensure this disastrous rule will not go into effect and damage our nation’s job creators.”

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