The United States House Committee on Small Business ("Committee") requested a briefing by the Consumer Financial Protection Bureau ("CFPB") regarding the agency's business lending data collection rulemaking.
In a letter to the Director of the CFPB Richard Cordray, Committee Chair Steve Chabot (R-OH) expressed concern about the potential impact of certain CFPB actions on small businesses:
"[T]he Committee is wary of increased reporting requirements and onerous regulations, which acutely impact small businesses. The Committee wants to ensure that CFPB does not overly burden small businesses and their operations."
Mr. Chabot explained that the Committee is concerned about (i) the CFPB's request for information regarding the implementation of Dodd-Frank Section 1071, which requires financial institutions to report certain information pertaining to credit applications made by women and minority-owned small businesses, (ii) how the CFPB conducted review panels (as required under the Small Business Regulatory Enforcement Fairness Act) regarding the CFPB Rulemaking on Payday, Vehicle Title and Similar Loans, and (iii) the economic impact of that rule.
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