Ohio unifies to oppose CFPB Dodd-Frank expansion
Published by: Sean Brown
January 12, 2022 | Political Action
While Santa received most of the attention this holiday season, that did not stop the Ohio Movement from working. As 2021 ended, your credit union peers produced one of the largest regulatory opposition campaigns in recent memory. On Oct. 8, 2021, the Consumer Financial Protection Bureau (CFPB) proposed a rule to require covered financial institutions to collect and report to the Bureau additional data on applications for credit for small businesses, including those that are owned by women or minorities.
The League leaned heavily on member-business lending credit unions to demonstrate to the CFPB just how burdensome this Dodd-Frank expansion would be, and Ohio responded. As the comment period closed on Jan. 6, 2022, Ohio credit unions were responsible for 50 comment letters. Additionally, the League partnered with Cooperative Business Solutions (CBS) to advocate for vital member business lending CUSO activities that empower communities one business at a time.
Read the League’s own letter and connect with the League’s Director of Regulatory Affairs, Sean Brown, for any questions or concerns regarding the proposed rule.
Contact Sean Brown for questions or assistance.