Texas Congressman Challenges Dodd-Frank Rule

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U.S. Rep. Roger Williams (R-Texas District 25), chairman of the House Small Business Committee, this week introduced legislation to repeal the small business loan data collection requirements established under Section 1071 of the Dodd-Frank Wall Street and Consumer Protection Act.  

"Small businesses are the backbone of the American economy, and it is crucial that they can access affordable credit to support and grow our communities," Williams said in a statement. "My bill seeks to eliminate costly regulatory burdens on financial institutions, ensuring greater access to credit for small businesses. It is time to Make Small Businesses Great Again and put an end to this overly broad, burdensome, and difficult to implement rule-making."  

Lawmakers Bill Huizenga of Michigan, Mike Flood of Nebraska, Ann Wagner of Missouri, and Frank Lucas of Oklahoma joined Williams in cosponsoring the bill.  

Credit unions, especially smaller ones, are disproportionately affected by complex regulations. Unlike large banks, they may lack the resources to absorb compliance costs, which can lead to fewer loan offerings. Repealing Section 1071 would enable credit unions to focus on their core mission: serving their members and communities.  

Stay tuned to Cornerstone’s publications for updates on this bill and other legislative developments.  

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