Call-to-Action: oppose small business data collection rule

Published by: Sean Brown

December 15, 2021 | Political Action

Ohio’s credit unions wholeheartedly support facilitating enforcement of fair lending laws and enabling communities, governmental entities, and creditors to identify business and community development needs and opportunities for women-owned, minority-owned, and small businesses; however, despite credit unions’ pro-consumer history, credit unions are being lumped in with nefarious actors through the promulgation of overly broad rules, leading to increased compliance costs without a material benefit for the consumers and small businesses that we serve.

On Oct. 8, 2021, the Consumer Financial Protection Bureau (CFPB) published a proposed rule to require lenders to compile, maintain, and submit additional data on credit applications by women-owned, minority-owned, and small businesses. While the original intent of the Dodd-Frank Act was, and remains, noble, this massive expansion of the data collected is a misguided attempt to increase compliance to the detriment of those who are already compliant.

The League is currently fighting to preserve both fairness in lending and your ability to serve your more than three million members. Help us oppose the CFPB by submitting a pre-written or customized message to the CFPB, reminding the agency how people, families, businesses, and communities have access to safe and affordable financial services provided by cooperative financial institutions.

For questions on the proposed rule or using the VoterVoice system, don’t hesitate to connect with the League’s Director of Regulatory Affairs, Sean Brown.

Contact Sean Brown for questions or assistance.

Sean Brown
Sean Brown Director, Regulatory Affairs E: sbrown@ohiocul.org
Contact Us

Other Movement News

Government Affairs

Election night success for credit unions; see how the midterms impact your credit union

Thanks to your generous support throughout the 2021-2022 elections, the Ohio Movement engaged with 122 decision-makers and invested more than $570,000 in state and federal legislative champions. Your partnership led […]
Regulatory

Year end snapshot: State and federal credit union priorities

Just like your credit union, the League is hard at work ensuring a successful year end and is focused on promoting and protecting credit union interests at the Statehouse and in Congress. Here are the League’s top issues as legislators wrap up their sessions: House Bill 116, the Ohio Computer Crimes Act, would close a legal loophole that bad actors can exploit to access sensitive data and information without penalty.
Member Benefits

Tips to keep your members safe this holiday season

Help your members stay financially safe during the holiday season by downloading helpful tips in December’s Monthly Marketing Toolkit, a complimentary resource as part of your League membership.