Small Business Majority cautions Congress against repealing Section 1071

On February 5, Small Business Majority submitted a statement for the record to the House Committee on Financial Services which cautioned Congress against pursuing legislative efforts to repeal Section 1071 of the Dodd-Frank Act. Small Business Majority strongly supported the Consumer Financial Protection Bureau’s (CFPB) finalization of the Section 1071 rule, which mandates lenders to collect small business demographic and financial data, as it marks significant progress toward responsible, data-driven lending that improves access to capital for minority-owned, SEDI-owned, and rural businesses nationwide.