WASHINGTON, D.C. – Today, Chairman Roger Williams (R-TX) issued the following statement on the Consumer Financial Protection Bureau implementing its 1071 rule known as the Small Business Lending Data Collection rule.

“Just this week, the Committee on Small Business heard from banks and credit unions on how detrimental the CFPB’s proposed data collection rulemaking would be on Main Street America,” said Chairman Williams. “Unfortunately, the final rule that was just released does nothing to fix the issues that were discussed during the hearing. This 888-page regulation will increase the cost of credit for small businesses across the country by adding significant new reporting requirements on the financial institutions that fulfill their credit needs. In a time of high inflation and rising interest rates, small businesses cannot afford this additional burden that will make it more expensive for them to get a loan. I am committed to exploring all avenues at our disposal to ensure this disastrous rule will not go into effect and damage our nation’s job creators.”

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