In response to Consumer Financial Protection Bureau (CFPB) leadership’s announcement that the agency will no longer “prioritize enforcement of” the Section 1071 small business lending rule, the National Community Reinvestment Coalition (NCRC) released the following statement from President and CEO Jesse Van Tol:
“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,” said Jesse Van Tol, President and CEO of NCRC. “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.”
Under existing law, the largest financial institutions making at least 2,500 loans must begin collecting basic small business lending data in July 2025, and report such data by June 2026.
Click here for more on the value of Section 1071 for future economic independence in neglected communities.
Click here for more on the glaring legal and logical flaws in the trade associations’ lawsuits to block Section 1071 rules.
Click here for more on the significant evidence indicating there are discriminatory patterns going undetected in small business lending around the country.
