Luetkemeyer Votes to Protect Small Businesses from CFPB Data Collection
Today, Congressman Blaine Luetkemeyer (MO-3) supported S.J. Resolution 32 which overturns the Consumer Financial Protect Bureau’s (CFPB) disastrous small business data collection rule.
Section 1071–a remnant of the Dodd-Frank Act enacted more than a decade ago–is an attempt by the CFPB to collect and publish information on small businesses and small business lenders, including gender and race, in an effort to extend government involvement in and control of the lending process.
“American small business owners have enough things to worry about – fulfilling additional useless government requirements should not be one of them. The Bureau asking financial institutions to collect race and gender information is completely unethical and goes against decades of anti-discrimination laws. Not to mention the fact that the Bureau refuses to disclose what information they will make public or share how they plan to make that determination,” Rep. Luetkemeyer said.
Members of the House of Representatives took to the floor today to debate and vote on S.J. Res 32, which passed with overwhelming GOP support.
Read the full resolution HERE.
This year, Congressman Luetkemeyer introduced the Bank Loan Privacy Act, which would require the CFPB to do a separate notice-and-comment rulemaking to determine what information will be published by the bureau. The bill aims to create certainty and clear rules of the road for the small businesses and financial institutions who are currently being subjected to the CFPB’s whims.
Read the full bill HERE.