Congress Repeals Controversial Small Business Lending Rule, Setting Up Biden Veto

Published on December 1, 2023

A joint resolution signaling Congress’s disapproval of a new Consumer Financial Protection Bureau (CFPB) lending rule cleared its last congressional hurdle on Nov. 30 with its passage in the House in a 220–201 vote. Having already passed the Senate, the measure will now head to President Joe Biden’s desk, where it is likely to be vetoed. If enacted, S.J. Res. 32 would repeal the controversial rule, which requires lenders to annually collect and report to the CFPB certain credit application data, including personal demographics, from the small business owners they lend to. The rule also facilitates the creation of a publicly accessible database of small business credit applications....

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