WASHINGTON—In response to what one congressman is calling the president’s “woke agenda,” Rep. Scott Fitzgerald (R-WI) has introduced the Making CFPB Accountable to Small Business Act, a bill that would repeal the Dodd-Frank Act’s data collection rule, Section 1071.
“President Biden’s woke agenda has come for community banks and credit unions,” said Fitzgerald. “The Biden administration’s overregulation of the banking industry, all in the name of equity, is squeezing community lenders who cannot afford the costs associated with compliance. Wisconsin lenders will be at risk if Section 1071 is implemented and bureaucrats fail to consider the needs of small businesses.”
The legislation would also require the CFPB to tailor its regulations for small businesses undergoing the Small Business Regulatory Enforcement Fairness Act (SBREFA) panel reviews.
NAFCU Response
“NAFCU thanks Representative Scott Fitzgerald for his leadership to ensure small businesses and the credit unions they partner with are not bogged down with burdensome regulations that impede access to credit,” stated NAFCU President and CEO Dan Berger. “The Making the CFPB Accountable to Small Business Act will repeal Section 1071 of the Dodd-Frank Act, a burdensome data collection rule for small businesses, and push for the necessary tailoring of regulations under SBREFA panel reviews. We look forward to working with Representative Fitzgerald to make sure the CFPB does not obstruct Main Street’s success.”
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