Congress Should End Obama-Biden DEI Data Grab
The following content is sponsored by Pinpoint Policy Institute.
As the near $2 trillion avalanche of red tape unleashed by the Biden administration on the U.S. economy demonstrates, never doubt bureaucrats’ capacity for imagination. The Biden administration’s Consumer Financial Protection Bureau (CFPB) was often criticized for its tendency to invent new and costly ways to “protect” consumers. A remnant of the Biden administration’s regulatory fervor is a striking example.
Under a provision of the Dodd-Frank Act known as Section 1071, the CFPB issued a rule that forces banks, credit unions, and lenders of all sizes to collect and report an exhaustive trove of data, 81 separate fields, on every small business loan application. That includes not just race and sex, but also LGBTQ status, pricing terms, and underwriting details that lenders may not collect today.
Ostensibly the law is a step forward for “fair lending,” in reality, it’s a reckless exercise in bureaucratic overreach, driven by the same diversity, equity, and inclusion (DEI) ideology that warped policymaking across the Biden administration. The rule is poised to harm the very small businesses it claims to protect, particularly minority- and women-owned firms that need access to affordable credit.
https://www.breitbart.com/politics/2025/05/06/congress-should-end-obama-biden-dei-data-grab/
