Last week, a bipartisan majority voted in favor of Senator John Kennedy’s (R-LA) Senate Joint Resolution, which nullifies the CFPB’s Section 1071 rule regarding small business lending data reporting requirements.
A total of 53 senators, including three Democrats—Hickenlooper (CO), Manchin (WV), Tester (MT)—and two Independents who caucus with the Democrats—King (ME) and Sinema (AZ)—voted for the resolution. Both Senators Cruz and Cornyn supported the resolution.
In an email message to IBAT members last week, President and CEO Christopher Williston spoke about the ongoing fight over the future of 1071.
“The resolution will not be enacted,” Williston said, referencing the threat of veto by President Biden. “Yesterday was a progress marker to help us determine where we stand in our advocacy efforts to help Congress understand the harmful effect that the data collection rules will have on credit availability and privacy for small businesses.”
Williston pointed to the importance of ongoing advocacy on 1071, especially with the looming General Election next year. He further called upon IBAT members to consider making their voices heard with a trip to Washington, D.C. in early February of next year for IBAT’s 30th Annual Congressional Visit.
