Staff Reports
The Biden administration roots deeply for the woke culture despite the nation’s significant resistance against it, particularly when it comes to the continued promotion of transgenderism. The administration is now focusing on beefing up consumer protections for transgender and other LGBT+ businesses through the Consumer Financial Protection Bureau (CFPB), an initiative initially proposed by progressive Senator Elizabeth Warren. The Biden-led administration is using CFPB to implement a new rule that demands financial service companies to gather data on small business loan applicants, including whether the business is LGBT-owned. It is likely that the CFPB will use this data to evaluate any patterns of loan denials that it may find “unfair” or “problematic,” which could lead to an unfounded critique of lenders.
Biden Admin Doubles Down on Woke as Consumer Protection Agency Homes in on Protecting Trans Businesses https://t.co/TieyIg6bvP
— RedState (@RedState) June 19, 2023
While the current administration claims that this strategy is to support LGBT-owned businesses, it seems that it might create multiple issues along the way. If banks deny credit to LGBT+ businesses such as event planners or wedding planners due to religious reasons, they would face various legal consequences. However, CFPB’s intervention in these scenarios would put more pressure on the financial institutions to lend, even when it seems unjust. These requirements might cause financial institutions to be categorized as “anti-trans” or “anti-gay.” The data collected by the CFPB could contribute to labeling financial institutions as unsympathetic to LGBT+ businesses, which is not only incorrect but also unfair.
The CFPB’s push to implement these rules is not unexpected, considering Rohit Chopra’s leadership role in the organization. Chopra was endorsed by the group representing transgender students when he ran for Harvard’s student body president in 2004. The Bisexual, Gay, Lesbian, Transgender and Supporters’ Alliance (BGLTSA), a university student body group that included “transgender” in its name, picked Chopra as their candidate for the student body organization.
CFPB faces significant concerns about data privacy protection, with reports of a staff member leaking over 256,000 consumers’ financial data without authorization. CFPB’s data security concerns coupled with its collection of loan applicants’ data, including the applicant’s census tract, classification system, and years in business, North American industry, business owner’s race, gender, and ethnicity, women-owned, and LGBT-owned businesses, among others, should be a concern to non-woke Americans. The bureau plans to make much of this data public, increasing the possibility of publishing private information.
Even accounting for the administration’s laudable goal of increasing support for LGBT+ businesses, this rule carries significant negative consequences and privacy violations, as the CFPB may inadvertently out people in the process. Happy Pride Month from the CFPB, right? Clearly, it would instead be better if the Biden administration paid attention to the pressing needs of the citizens, especially when viewing the slow actions of the agency regarding the Wells Fargo anti-consumerism case, which has affected a more substantial fraction of the population.
