WASHINGTON — U.S. Senator Kevin Cramer (R-ND) issued the following statement after voting for S.J. Res. 32, a joint resolution of disapproval under the Congressional Review Act (CRA) to overturn the Consumer Financial Protection Bureau's (CFPB) final rule implementing Section 1071 of the Dodd-Frank Act. Senator Cramer is a cosponsor of the resolution.
Section 1071 of the Dodd-Frank Act allows covered financial institutions to collect and report data on small business loan applicants. The CFPB’s intrusive, cumbersome rule will reduce the availability and accessibility of small business credit by increasing the compliance costs of lenders and compromising borrower privacy, especially in rural communities.
“Creditworthiness has nothing to do with the left’s obsession with ESG, despite the CFPB’s insistence otherwise. Government-mandated politicization of lending is wildly inappropriate and invasive, and North Dakota’s financial institutions deserve better than this federal overreach.”