Washington, DC – The Consumer Federation of America released the following statement on the House of Representatives passage of the Congressional Review Act to reverse the CFPB’s new rule implementing Section 1071 of the Dodd-Frank Act, which amends the Equal Credit Opportunity Act to require financial institutions to collect and submit to the Bureau data on small business lending.

“Data provides sunshine to prevent practices that undermine a fair economy,” said Adam Rust, Director of Financial Services at the Consumer Federation of America. “The rule will provide transparency in how businesses access credit, protect businesses from discriminatory practices, and ensure that entrepreneurs can get the loans they need to grow their businesses. Let’s remember that small businesses create jobs. Why would those opposing this rule want to shield lenders who apply discriminatory practices?