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Banks tell committee CFPB rule 10‑71 would raise costs, risk curtailing small business lending
Summary
Bank trade groups and community bankers told the committee the CFPB’s small‑business lending rule (Regulation 10‑71) and broader compliance obligations under Dodd‑Frank threaten relationship lending and could push smaller institutions out of key lending lines.
Multiple members and witnesses raised alarms about CFPB rule‑making under section 10‑71 of Dodd‑Frank and the broader regulatory costs that affect small business and mortgage lending.
Lindsey Johnson of the Consumer Bankers Association said the bureau’s final 10‑71 rule expanded the data collection burden from an originally contemplated 13 fields to more than 80 in practice, creating an ‘‘extraordinary effort’’ that could prompt some lenders to…
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