Committee hears sharp disagreement over CFPBsection 1071 small-business data rule
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.
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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.
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