The National Association of Federally-Insured Credit Unions (NAFCU) President and CEO Dan Berger issued the following statement after the Consumer Financial Protection Bureau issued the proposed rule to amend Regulation B under Section 1071 of the Dodd-Frank Act:
“Credit unions support fair and affordable access to credit in the small business lending market,” said NAFCU President and CEO Dan Berger in response to the proposal. “The proposed rulemaking, however, raises concerns about how significant new data collection requirements will impact borrowers and smaller financial institutions like credit unions. As the Bureau continues to move this proposed rulemaking through the process, NAFCU will work to ensure that the complexities of section 1071 data collection are minimized in order to ensure credit availability and lender participation in the small business lending marketplace.”