Wyoming Chamber Supports Streamlined Small Business Lending Rule

The Wyoming Chamber of Commerce applauds the Consumer Financial Protection Bureau’s (CFPB) newly proposed revisions to the Section 1071 small business lending data collection rule. These changes, praised by the U.S. Chamber of Commerce, reflect a meaningful step toward reducing unnecessary regulatory burdens and expanding access to capital for the entrepreneurs who power our state’s economy.

By narrowing the scope of coverage to match statutory intent and simplifying reporting requirements, the CFPB is taking a practical, pro-business approach that helps financial institutions better serve local employers.

WY It Matters: For Wyoming, where small businesses and community banks are at the heart of economic growth, cutting down on red tape matters. Streamlining the data collection process lowers costs, supports fair and transparent lending, and makes it easier for local entrepreneurs to secure the capital they need to grow, hire, and reinvest in their communities.

The Wyoming Chamber is a strong supporter of initiatives that strengthen access to financing for our businesses, and we will continue lending our voice in support of such policies. We look forward to working alongside our partners at the U.S. Chamber as the proposal moves forward.