CBA Welcomes CFPB’s Revised Small Business Data Reporting Requirements

WASHINGTON, D.C. – Consumer Bankers Association (CBA) President and CEO Lindsey Johnson today released the following statement in response to the Consumer Financial Protection Bureau (CFPB) issuing a final rule of Section 1071 of the Dodd-Frank Act related to small business data reporting requirements:

“CBA members—America’s leading retail banks—play a critical role in supporting small businesses, extending nearly $300 billion in credit each year to help entrepreneurs start, grow, and sustain their businesses. While the Bureau’s original Section 1071 proposal under the prior Administration raised serious concerns about operational complexity and its potential to constrain lending, today’s final rule reflects meaningful progress to adhering to the statutory requirements and intent.

“We appreciate regulators’ willingness to listen to stakeholder feedback and make important changes that better balance transparency with the need to reduce undo burden and costs on banks and small businesses alike, and to preserve access to credit. Getting this right matters—because overly burdensome requirements risk limiting the very lending small businesses depend on.

“We look forward to continuing to work with policymakers to ensure implementation is thoughtful, workable, and ultimately supports the shared goal of expanding opportunity for small businesses on Main Streets across the country.”

CBA Advocacy

• To read CBA’s letter to the editor in American Banker on how the Biden Administration’s Section 1071 rule was flawed, click HERE.
• To read CBA’s response to the CFPB’s final rule regarding Section 1071 of the Dodd-Frank Act, click HERE.
• To read CBA’s initial response to the CFPB’s 2022 NPRM regarding Section 1071 of the Dodd-Frank Act, click HERE.