(Ezekiel Loseke, Headline USA) The Consumer Financial Protection Bureau created a new rule that requires banks to collect and report data relating to small business loans, which would allow the bureau to encourage banks to favor ‘LGBTQI’-owned businesses and punish those who will not.
“The small business lending rule” purports to be enforcing requirements of the 2010 Dodd-Frank Act, according to an executive summary of the rule published by the bureau.
The rule requires banks to report the kinds of financial information one would expect for small business tracking, such as gross income, number of employees, how much was loaned and what the loan was for.
However, the rule also required the bureau to collect personal and demographic information on the businesses that apply for loans.
“The final rule requires a covered financial institution to report certain data points based
solely on the demographic information collected from an applicant,” the executive summary stated.
This information included “the applicant’s minority-owned business status, women-owned business status, and LGBTQI+-owned business status,” the rule read, explaining that the bureau must track how many racial minority-owned businesses, women-owned businesses, and LGBTQI+-owned businesses are approved and rejected, for small business loans.
This data will probably be used to assert unfair or discriminatory lending practices by banks, which will create pressure to lend to unworthy borrowers who fit with the favored sexual behavior, race or class, according to RedState.
Sen. John Kennedy, R-La., and Rep. Roger Williams, R-Texas, introduced a resolution in their respective chamber of Congress to disapprove of the rule.
Kennedy addressed the new reporting requirements.
“Reporting these personal details is an invasion of privacy and a waste of resources aimed at furthering the woke agenda,” he said. “The practical impact of this rule could hamstring lending to Main Street.”
Williams also explained his reasons for introducing the resolution.
“The Consumer Financial Protection Bureau’s (CFPB) new rule is a continued attack on Main Street America,” he explained. “Each day, small businesses struggle with rising costs, increasing interest rates, and ongoing labor shortages, and this new rule only builds on those issues.”
