Washington, D.C.—Today, U.S. Congressman Andy Barr (R-KY), Chairman of the Financial Institutions and Monetary Policy Subcommittee, released the following statement after the Consumer Financial Protection Bureau finalized its small business lending rule: 

“The CFPB’s small business lending rule is a prime example of Director Chopra’s regulatory overreach,” said Representative Barr.  “While the Dodd Frank Act directed the Bureau to adopt regulations governing the collection of small business lending data, the rule as finalized by Director Chopra will unnecessarily impose massive new burdens on financial institutions which will increase the cost and decrease the availability of credit for millions of Main Street borrowers and entrepreneurs.”

“The CFPB is tasked with protecting consumers.  But by jeopardizing the privacy of small business owners’ personal information and applying crushing disclosure requirements on lenders, this rule will force many community banks and credit unions across this country to exit small business lending altogether.  Small businesses are the backbone of our local communities and the American economy, and as Chairman of the subcommittee overseeing this unaccountable agency, I will work tirelessly to reverse this regulatory mistake.”