Fitzgerald Introduces the Making the CFPB Accountable to Small Business Act
Press Release
Issues: Finance and Banking
Today, Congressman Scott Fitzgerald (WI-05), introduced the Making the CFPB Accountable to Small Business Act. This legislation would repeal Section 1071 of the Dodd-Frank Act, as well as require the CFPB to presume that size and sophistication-based tailoring of regulations are needed in SBREFA panel reviews.
"President Biden's woke agenda has come for community banks and credit unions, said Rep. Fitzgerald. The Biden administration's overregulation of the banking industry, all in the name of equity, is squeezing community lenders who cannot afford the costs associated with compliance. Wisconsin lenders will be at risk if Section 1071 is implemented and bureaucrats fail to consider the needs of small businesses."
Source