The Consumer Federation of America released the following statement in response to the introduction of a Congressional Review Act resolution to reverse the CFPB’s recently completed Section 1071 rulemaking that requires financial institutions to compile, maintain, and submit certain data on small business applications to the CFPB.

“We strongly oppose Congressional efforts to prevent the implementation of the CFPB’s Section 1071 final rule on small business lending data,” said Adam Rust, Director of Financial Services at the Consumer Federation of America. “This rule will advance transparency, support entrepreneurship, and improve competition in the marketplace. Until now, reliable data on small business lending has been difficult to find. But now, lenders will be required to report on where, how, and to whom they make loans, and the CFPB will release that data to the public, where the power of the light it sheds on markets will become a disinfectant against discriminatory and abusive practices. This rulemaking will support the backbone of our economy, small businesses, ensuring they have the funds needed to run and expand their enterprises.”