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Hello, welcome back to D Bank tv.

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I'm Sean Murray, and today we're gonna

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talk about a few different things.

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First, let's talk about Section 10 71.

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People have heard that it's going away,

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but is it first, what is Section 10 71?

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For many of you who are not familiar, the Wall Street Reform

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and Consumer Protection Act

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of 2010 created an entire new regulator,

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a federal regulator called the CFPB,

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the Consumer Financial Protection Bureau.

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And as part of that, it gave the CFPB the power

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to regulate an aspect of small business lending

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that includes the MCA product.

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Now, what it does, it,

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it mandates every company collecting data from every single

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applicant that they get

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and report it to the federal government.

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People have been dreading this for a long time

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because, as I mentioned, the law passed in 2010.

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And guess what? It's only now just about

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to go into effect except not so fast.

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Recently, the Senate voted to overturn the rules

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that the CFPB created in order to comply with the law.

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They said, we do not want to have

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small business lenders comply with the rules created

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by the CFPB to comply

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with Section 10 71 and the House.

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The house did the same thing.

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They also do not want people to have to comply

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with the rules, but they were very specific about the rules.

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They don't believe that people should have

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to follow the rules that the CFPB created.

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Mind you, these rules are long 888 pages worth of rules

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that have been put out there,

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and you may have read about onie bank.com.

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Those are the rules that Congress does not

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want people to follow.

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They feel that it's too burdensome.

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However, it does not invalidate.

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Congress has not invalidated the CFBs need

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to create rules by law.

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The ccf, PB has to create rules

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to collect data from small business lenders.

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And what Congress has done is just invalidated the

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rules that they've created.

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What they want to do is send the CFPB back

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to the drawing board to create all new rules, which is kind

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of crazy because it took 13 years to create those rules

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to begin with, but also not so fast.

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Even though Congress passed this particular resolution

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to invalidate the rules on a bipartisan basis,

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president Biden has sworn

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that he will veto what they wanted.

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So in all likelihood, this particular resolution will not go

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through as planned,

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even though Congress voted for it to happen.

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But even if Biden does not use his veto,

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all Congress has opted to do is to invalidate the rules

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that the CFPB has created to comply with the law,

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and it will force them to create all new rules.

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So if you are hoping that there will be no

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Dis uh, no, uh, data collection rules

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that will ever happen, you'd be sadly mistaken.

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There will be some type of rules,

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but given what is taking place, there might be some delay.

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That's Section 10 71.

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Pay attention to it because it's going to affect you.