{"id":1566449,"date":"2022-07-22T12:35:19","date_gmt":"2022-07-22T16:35:19","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1566449"},"modified":"2022-07-22T12:35:21","modified_gmt":"2022-07-22T16:35:21","slug":"gop-bill-seeks-to-block-biden-admin-from-foisting-woke-agenda-on-community-banks","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/gop-bill-seeks-to-block-biden-admin-from-foisting-woke-agenda-on-community-banks\/","title":{"rendered":"GOP Bill Seeks to Block Biden Admin from Foisting \u2018Woke Agenda\u2019 on Community Banks"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">28<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fgop-bill-seeks-to-block-biden-admin-from-foisting-woke-agenda-on-community-banks%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1566449&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>A recently introduced bill by a House Republican seeks to protect community banks from a harmful provision in the 2010 Dodd-Frank Act.<\/p>\n<p>The Making the CFPB Accountable to Small Business Act seeks to repeal Section 1071 of the Dodd-Frank Act that requires lenders to collect and report 12 data points when processing credit applications from small businesses, women-owned businesses, and minority-owned businesses, according to a July 20 <a href=\"https:\/\/fitzgerald.house.gov\/media\/press-releases\/fitzgerald-introduces-making-cfpb-accountable-small-business-act\">press release<\/a> by Rep. Scott Fitzgerald (R-Wis.) who introduced the bill.<\/p>\n<p>In September 2021, the <a href=\"https:\/\/www.theepochtimes.com\/t-consumer-financial-protection-bureau\">Consumer Financial Protection Bureau<\/a> (CFPB) proposed a rule implementing Section 1071 which it claimed will help the government understand the barriers holding small businesses back from further prosperity.<\/p>\n<p>However, Fitzgerald criticized the CFPB for abusing its authority and pushing forward a political agenda that harms small businesses.<\/p>\n<p>Speaking to <a href=\"https:\/\/www.foxbusiness.com\/politics\/republicans-introduce-bill-forcing-biden-admin-stop-woke-agenda-banks\">Fox News<\/a>, Fitzgerald revealed that local and small financial institutions have informed him that they are worried about the rule.<\/p>\n<p>\u201cIt\u2019s over-regulating financial institutions, and that\u2019s why they\u2019re so concerned,\u201d he said. \u201cThis rule would basically force community banks and credit unions to collect and report data a lot of people would consider somewhat sensitive.\u201d<\/p>\n<p>One of the statutory purposes of the collected data is to ensure fair lending practices are followed.<\/p>\n<p>But since every small-business borrower and loan is unique, it becomes almost impossible to compare the terms of these loans to determine whether lending practices are fair, according to the press release.<\/p>\n<p>The fear of violating fair lending requirements can force banks to provide only homogenized loans, preventing loan customizations according to customer needs.<\/p>\n<p>The Biden administration\u2019s \u201cwoke agenda has come for community banks and credit unions,\u201d Fitzgerald said, while blaming the government for over-regulating the banking industry \u201cin the name of equity.\u201d This is squeezing community lenders who are not in a position to bear the financial<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A recently introduced bill by a House Republican seeks to protect community banks from a harmful provision in the 2010 Dodd-Frank Act. The Making the CFPB Accountable to Small Business Act seeks to repeal Section 1071 of the Dodd-Frank Act that requires lenders to collect and report 12 data points when processing credit applications from [\u2026]<\/p>\n","protected":false},"author":186,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1566449","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1566449","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/186"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1566449"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1566449\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1566449"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1566449"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1566449"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}