Banking Dive, May 2, 2025, CFPB Says It Won’t Enforce Small-biz Data Collection Rule
“The CFPB can’t simply gut rules by press releases on its whim,” National Community Reinvestment Coalition CEO Jesse Van Tol told American Banker. “No court has ever said any part of the law is a problem.”
“The CFPB is subverting the rule of law by telling the largest banks, credit unions and fintech companies they can ignore the small business lending rule,” Van Tol said in a statement Thursday. “While they disingenuously frame their total disrespect for the law as a matter of fairness, failing to enforce Section 1071 rules will in fact prevent transparency for the public, shield financial institutions from unfair practices coming to light, and delay prosperity for small businesses.”
