WASHINGTON, D.C. — Today, Tom Sullivan, senior vice president of small business policy at the U.S. Chamber of Commerce, issued the below statement commending the Consumer Financial Protection Bureau (CFPB) for its proposed revisions to the Section 1071 small business lending data collection rule under the Dodd-Frank Act. The revisions will reduce regulatory burdens and improve small businesses’ access to capital.
"Small business owners are the backbone of our economy, driving innovation, creating jobs, and strengthening communities. By narrowing the scope of coverage to align with statutory intent and simplifying compliance requirements, the CFPB’s proposal reflects a commitment to supporting small businesses as engines of economic growth.”
“The Chamber has consistently advocated for regulatory frameworks that balance transparency and fairness with economic vitality. The CFPB’s streamlined approach for local banks to report lending data eliminates unnecessary red tape, lowers the cost of small business financing, and empowers entrepreneurs to invest in their businesses, pay higher wages, and expand opportunities."
“We look forward to working with the CFPB to provide a thorough analysis and constructive feedback on its proposal.”
The CFPB’s proposed revisions focus on reducing the compliance burdens for local banks and financial institutions, ensuring that the process of reporting lending data is more efficient and less costly. By simplifying these requirements, the revisions are designed to enhance small businesses' access to affordable capital, enabling them to invest in growth, create jobs, and contribute to economic vitality.
