Providing for Congressional Disapproval of the Rule Submitted By the Bureau of Consumer Financial Protection Relating to ``Small Business Lending Under the Equal Credit Opportunity Act (Regulation B)''

Floor Speech

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Mrs. KIM of California. Madam Speaker, I rise in strong support of S.J. Res. 32. This is a CRA resolution to rescind the final rule implementing section 1071 of Dodd-Frank. I thank Chairman Williams and Senator Kennedy for their leadership to rescind the CFPB's harmful proposal.

The rule is nearly 900 pages and requires lenders to report 81 data fields. If the CFPB's proposal is enacted, small financial institutions will be forced to devote more of their time to comply with burdensome regulations rather than focusing on providing loans for small business owners.

With credit tightening for small businesses due to persistent inflation, higher interest rates, and an uncertain economic environment, the CFPB's 1071 rule would impose higher costs for small businesses and lead to a decrease in lending to small, minority-owned, and women-owned businesses.

Earlier this year, the CFPB suffered a major data breach when an employee forwarded consumer information of more than a quarter million to a personal email account. How can we trust the CFPB to properly manage the collection of additional data when it cannot efficiently safeguard existing data?

I urge Director Chopra to go back to the drawing board on section 1071 and issue a rule that gets it right without punishing small banks and small credit unions with higher compliance costs and burdensome requirements.

Madam Speaker, I strongly urge my colleagues to support this resolution and access to credit for small businesses by voting in favor of this resolution.

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