Majority votes in both the Senate (October 18) and then the House (December 1) approved overturning the CFPB’s final rule implementing Section 1071 of the Dodd-Frank Act, which requires the collection and reporting of credit application data for small businesses.

Although both votes were close (53-44 in the Senate, 221-202 in the House), every past FOTB-endorsed candidate of both parties and in both bodies voted to overturn the CFPB's egregious rule.

"The Consumer Financial Protection Bureau’s small-business data-collection rule would only make matters worse for our main streets," said Rep. Randy Feenstra (IA), endorsed by FOTB in 2022. "This misguided rule would inundate business owners with mountains of paperwork and violate basic privacy protections by requiring community banks to report every detail of every loan they originate – ultimately forcing businesses to close for good."

The rule is "incredibly onerous," said Rep. Andy Barr (KY), endorsed by FOTB in 2020. "It would be misleading and confusing to borrowers and ultimately harm the very groups the rule supposedly protects," he said in a blistering floor speech.

Having passed both bodies, the bill was presented to President Biden on December 14. Beginning at midnight on the closing of the day of presentment, the President has ten days, excluding Sundays, to sign or veto the bill.

Thank you for all that you do for our industry. It's been a crazy year to be in banking, with high inflation and interest rates, bank closures and buyouts, and new threats from Washington.

Yet, despite this unpredictable environment, your neighborhood banker continues to be a staple to the greatest economy in the world. You are part of a career that has helped finance American dreams despite recessions, pandemic, and wars.

Know that we'll be here next year with you to help fight the electoral fights worth fighting to continue to defend an industry worth defending.