NAFCU Statement on CFPB proposed rule on small business lending data collection and reporting

WASHINGTON, DC (September 1, 2021) — 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.”


The National Association of Federally-Insured Credit Unions is the only national trade association focusing exclusively on federal issues affecting the nation’s federally-insured credit unions. NAFCU membership is direct and provides credit unions with the best in federal advocacy, education and compliance assistance. For more information on NAFCU, go to or @NAFCU on Twitter.


Molly Safreed, (NAFCU)

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