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.