Senators have mixed reaction to CFPB lending proposal

by David Baumann, Washington CU Daily

Credit unions and consumer groups are not the only ones vehemently disagreeing over the Consumer Financial Protection Bureau’s proposed rule to require financial institutions to report their lending to minority-owned and women-owned businesses.

Members of the Senate are dividing along philosophical lines as well.

One Republican senator has told the agency that the rule goes too far, while five Democratic senators said it does not go far enough.

The CFPB has been soliciting comments on a proposed rule requiring financial institutions to report to the agency information about their lending to minority-owned and women-owned businesses. The CFPB is required to collect the information under the Dodd-Frank Act. Comments on the rule were due last week.

 

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