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HOPE Opposes Actions Taken by House of Representatives to Roll Back Consumer Protections for Diverse Businesses

December 8th, 2023

On Friday, December 1, the House of Representatives passed a Congressional Review Act (CRA) resolution to halt the implementation of the Consumer Financial Protection Bureau’s (CFPB) small business data collection rule, Section 1071 of the Dodd Frank Act.[1] Section 1071 requires covered financial institutions to supply demographic information on small business loan applicants and loan characteristics such as credit type, amount applied for, and pricing. Section 1071 represents a critical consumer protection designed to hold financial institutions accountable for lending to diverse businesses. Should the actions of the House be upheld, access to small business credit for women owned businesses and businesses of color will remain constrained.

Read background support for Section 1071 shared with Congress in advance of the vote here.

[1] United States House of Representatives. (2023). “Review of S.J. Res.32”B.

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