Ranking Member Maxine Waters' Statement on Senate Vote to Reverse CFPB's Small Business Lending Data Collection Rule

Statement

"I am deeply disappointed that the Senate voted to reverse the Consumer Financial Protection Bureau's critical and long overdue rule to implement Section 1071 of Dodd-Frank regarding small business lending data collection. Specifically, this rule will require lenders to collect small business loan data, similar to what financial institutions already do for mortgage loans. Let me be clear, this vote is a betrayal to our nation's entrepreneurs, particularly those who are women and people of color, who constantly face severe and persistent barriers to accessing the capital they need to start or grow their businesses. Given that small businesses are responsible for creating two-thirds of new jobs that are created, anything that stifles their growth will also inflict tremendous harm to our economy. Despite today's disappointing vote, I will continue to fight against any effort to advance this harmful legislation in the House, and if it were to reach President Biden's desk, I am pleased he has already made clear that he will promptly veto it. I urge my colleagues on both sides of the aisle to stand with our nation's small businesses by supporting market transparency that will help lower costs and ensure fair lending opportunities for all small businesses."

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