NCRC Statement On President Biden’s Veto Of Section 1071 Repeal

WASHINGTON, DC — After President Biden vetoed a Congressional Review Act measure repealing recently adopted small business lending data rules known as Section 1071, National Community Reinvestment Coalition (NCRC) President and CEO Jesse Van Tol released the following statement:

“This is how a doomed and dishonest attack on small businesses ends: not with a bang, but with a veto. It is of course good that President Biden defended the principle that lending discrimination is wrong. It’s just a shame that the financial industry’s favorite elected officials wasted everyone’s time with this nonsense. I look forward to the day we can all reap the economy-wide rewards of fairer, clearer credit for entrepreneurs – and hope industry cynics will drop their ill-considered lawsuits and embrace the future.”

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