Ranking Members Velázquez, Waters Request Briefing on CFPB’s Final Rule to Promote Fair Lending to Small Businesses
Washington, May 15, 2023
WASHINGTON, D.C. - Today, Congresswoman Nydia Velázquez (D-NY), the top Democrat on the House Small Business Committee, and Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee, sent a letter to the Consumer Financial Protection Bureau (CFPB) following the agency’s move to finalize small business lending rules implementing Section 1071 of the Dodd-Frank Act, a provision Waters and Velázquez helped enact into law 13 years ago. This rule will require lenders to collect and disclose demographic information about the loans they make to small businesses in an effort to root out lending discrimination.
In the letter, the lawmakers applaud the CFPB for finalizing the long overdue rules, and request the agency host a briefing to help House Democratic Members learn more about the final rule and what its implementation will mean for small businesses in communities across the nation.
“This is a significant step forward in nurturing small businesses and communities across our nation, especially women-owned and minority-owned businesses, whose credit needs have long been underserved… [w]e are pleased that the CFPB will phase in implementation, so that smaller financial institutions have more time to prepare, and has set up a helpline to support any financial institution in their preparation to comply with the new rules,” said the lawmakers. “We respectfully request a briefing for House Democratic Members so we can learn more about this important final rule.”
See the letter HERE.