- 1Former Rep. Barney Frank has died at age 86.
- 2The Dodd-Frank Act of 2010 created the CFPB and its small business data collection mandate.
- 3In 2014, Frank said he opposed a federal cap on business loan interest rates.
Former Congressman Barney Frank has died at 86. He left Congress in January 2013, but his name lives on in the Dodd-Frank Act of 2010, the law that created the Consumer Financial Protection Bureau. It also set off a debate lasting more than 15 years over how to implement the law's small business loan data collection mandate.
A hallway exchange in 2014
A reporter with press credentials once caught Frank in a hallway at the 2014 Exponential Finance Conference, presented by Singularity University and CNBC. Asked whether he would favor a federal maximum cap on business loan interest rates, Frank said he would not.
Frank went on to say he supported transparency in business loan transactions, so that borrowers could readily identify the terms. He explained that consumer loan protections rest on the premise that consumers are less sophisticated.
In a second question, the reporter noted that critics often describe overdraft fees as short-term loans and asked whether a loan lasting a single day should have to disclose an annual percentage rate. Frank said it should.
The exchange, with a summary of conference topics, ran in the July/August 2014 issue of DailyFunder's periodic trade journal.
Source reporting: deBanked.
