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Committee hears sharp disagreement over CFPBsection 1071 small-business data rule
Summary
Witnesses and members debated whether the CFPB's section 1071 rule will protect small-business borrowers or impose excessive costs on community banks and borrowers; supporters called it transparency for lending disparities, opponents warned about privacy and compliance burdens.
Section 1071 of the Dodd‑Frank Act — the CFPB rule requiring expanded small‑business loan data collection — was a focal point for sharply divergent testimony.
Rebecca Romero Rainey (President and CEO, Independent Community Bankers of America) told the committee that many community banks view the rule as an intrusive data collection that will “compromise the privacy of small business applicants and effectively commoditize small business lending and increase the cost of credit.” She urged Congress to consider repeal by citing Congressman Roger Williams' 1071 repeal as a legislative vehicle mentioned…
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