House committee passes resolution to reverse 1071 guideline

The House Financial Services Committee on Thursday authorized an American Bankers Association-supported resolution of displeasure to reverse the CFPB’s last guideline executing Section 1071 of the Dodd-Frank Act, which needs the collection and reporting of credit application information for small companies, consisting of women-owned and minority-owned small companies. The resolution would require to be embraced by both homes of Congress and signed by the president to reverse the guideline.


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