In response to a federal district court decision earlier this week to uphold Section 1071, a Consumer Financial Protection Bureau (CFPB) rule that requires lenders to collect and report demographic data, such as race, ethnicity, and gender, from small businesses applying for loans, Rise Economy Chief Executive Officer Paulina Gonzalez-Brito issued the following statement:

“We commend the recent federal district court ruling rejecting claims by the American Bankers Association (ABA) and others that the CFPB exceeded its authority in finalizing the section 1071 small business data collection rule. However, we know the ABA and its bank members will continue to oppose this rule designed to fight lending discrimination. 

“While some bankers have expressed concern about the racial wealth gap, many take every opportunity to fight efforts to close it. Rise Economy and our members will continue our ardent support of the section 1071 rule, the CFPB, and all efforts to protect consumers, small businesses and communities. We look forward to seeing the positive effects of this rule as we push to end discrimination of all kinds.”