WASHINGTON, D.C. – Today, Congressman Blaine Luetkemeyer (MO-03), Congressman French Hill (AR-02) and Congressman Roger Williams (TX-25) introduced a three-bill package to protect American small businesses and financial institutions from costly and invasive data collection and compliance standards. Congressman Luetkemeyer’s bill, the Bank Loan Privacy Act would require the Consumer Financial Protect Bureau (CFPB) to do a separate notice-and-comment rulemaking to determine what information will be published by the Bureau.

“American small business owners have enough things to worry about – fulfilling additional useless government requirements should not be one of them. The Bureau asking financial institutions to collect race and gender information is completely unethical, and goes against decades of anti-discrimination laws. Not to mention the fact that the Bureau refuses to disclose what information they will make public or share how they plan to make that determination,” said Luetkemeyer, Hill and Williams.

“This bill will create certainty and clear rules of the road for the small businesses and financial institutions who are currently being subjected to the CFPB’s whims.”

The full bill text can be found HERE.