Small Businesses Oppose CFPB Rule

Posted under: SMB
Date: 2023-12-21
Small Businesses Oppose CFPB Rule

The National Federation of Independent Business (NFIB), a prominent small business advocacy organization, has endorsed S. J. Res. 32, a Congressional Review Act (CRA) resolution seeking to disapprove the Small Business Lending Under the Equal Credit Opportunity Act. Designated as a Key Vote for the 118th Congress by NFIB, the resolution aims to address concerns about the Consumer Financial Protection Bureau's (CFPB) small business lending rule, known as CFPB 1071. This rule mandates financial institutions to submit small business lending data to the CFPB, imposing additional paperwork on small businesses seeking loans. NFIB emphasizes that this bureaucratic burden affects both small businesses applying for credit and the community banks supporting them. NFIB urges Congress to alleviate government burdens on small businesses, supporting S.J. Res. 32, reflecting members' preference for credit from small or regional financial institutions.

Read more at: www.nfib.com