WASHINGTON, D.C. – The Consumer Federation of America released the following statement in response to the veto by the White House of the Congressional Review Act statement of disapproval resolution against the CFPB’s Dodd-Frank Section 1071 small business lending data collection rule.

“We applaud the White House for their veto,” said Adam Rust, Director of Financial Services at the Consumer Federation of America. “The 1071 CRA resolution was political theater designed to create talking points for the election. With this veto, the Biden Administration is putting the needs of small business owners first. This veto is a win for job creators and entrepreneurs. Having better data on small business lending will expose discriminatory practices.”