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Community bankers tell committee CFPB’s Section 1071 reporting burdens could curb small‑business lending
Summary
Alice Frasier, vice chair of the Independent Community Bankers of America and CEO of Potomac Bancshares, said the CFPB’s small‑business data rule will force banks to standardize underwriting, reduce relationship lending, and may diminish credit availability for small borrowers unless it is repealed or significantly altered.
Alice Frasier, president and CEO of Potomac Bancshares and vice chairman of the Independent Community Bankers of America, told the House Committee on Small Business that the bureau’s Section 1071 rule will add substantial cost and administrative burden for community lenders and could reduce customized lending to small firms.
"There is over 81 different data decision points that we would need to collect and decide upon in evaluating or just taking the application," Frasier said, explaining how the rule would multiply reporting work across thousands of…
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