CFPB Reconsiders Section 1071 Rule to Support Small Businesses, Says Roger Williams and French Hill

The Consumer Financial Protection Bureau (CFPB) is reconsidering its controversial Section 1071 rule, which has faced criticism from various stakeholders, including community banks and Republican lawmakers. The CFPB's decision to start anew with the rule aims to alleviate the burdens of data collection for community banks, allowing them to better support small businesses. Representative Roger Williams expressed that the current form of Section 1071 is burdensome and that the reconsideration will benefit small businesses and the financial system. Additionally, Representative French Hill emphasized the need for more community banking to enhance access to credit for small businesses, labeling the existing rule as a threat. The reopening of this rule has been welcomed by those advocating for reduced regulatory pressures on Main Street.