WASHINGTON, DC (February 5, 2025) |
Yesterday, the Defense Credit Union Council (DCUC) expressed its support for Congressman Roger Williams’ (TX-25) newly introduced bill to repeal Section 1071 of the Dodd-Frank Act. In a letter to Chairman Williams, DCUC spoke to the significant regulatory and financial burdens imposed by Section 1071 and its potential negative impact on small business lending—particularly for military and veteran communities.
DCUC raised concerns about the extensive data collection requirements mandated by Section 1071, requiring lenders to collect and report up to 81 data points per loan application—far exceeding the original 13 required by Congress; this often results in operational challenges, increased costs, privacy risks, and potential deterrence of small business lending.
"By repealing Section 1071, this legislation removes an unnecessary regulatory burden that threatens financial institutions’ ability to serve small businesses—especially those in military communities," says Jason Stverak, DCUC Chief Advocacy Officer. "This bill ensures that lenders can continue providing affordable credit without the costly and complex requirements imposed by the CFPB. We commend Chairman Williams for his leadership and stand ready to support this critical effort."
DCUC remains committed to advocating for policies that promote economic growth, financial stability, and access to credit for small businesses and military families.
For more information, please contact Jason Stverak at jstverak@dcuc.org and visit dcuc.org/advocacy.