Political Quotes

“Madam Speaker, I rise today to bring attention to the latest Consumer Financial Protection Bureau, the CFBP, proposed small business data collection regulation. It is called section 1071. Access to capital for small businesses is the lifeblood of each of our local economies, and for many, the community bank lender is often leading the way in supporting our entrepreneurs in small businesses across our districts. And yet, the CFPB's new regulation, if finalized, would actually hurt small business by making the cost of credit more expensive and imposing significant compliance costs that would fall the hardest on the smallest lenders across our Nation. That is why I, along with Congressmen Williams of Texas and Luetkemeyer of Missouri have introduced the Small LENDER Act, a new bill that would provide regulatory relief to small business lenders by exempting them from this proposed CFPB 1071 rule and providing an additional year to comply, plus a 2-year safe harbor. Specifically, my bill would expand the definition of a small lender as one that originates at least 500 small business loans per year, instead of the 25-loan limit proposed by the CFPB. It would also codify a ``small business'' as one with gross revenues of $1 million or less instead of the $5 million threshold that the rule proposed. Finally, the bill extends the effective compliance date with the final rule to be 3 years plus that 2-year grace period instead of only 18 months as proposed by the CFPB.…”