Congress Passes Resolution to Nullify CFPB Small Business Lending Data Rule, Veto Expected.

The House of Representatives has passed a joint resolution aimed at repealing a recent rule by the Consumer Financial Protection Bureau (CFPB) regarding the collection of data on credit applications by women-owned, minority-owned, and small businesses. The resolution, which has already passed in the Senate, would repeal the rule and prevent the Bureau from implementing a similar rule in the future. However, President Biden is expected to veto the resolution, and it is unlikely that there are enough votes to override the veto. In the meantime, enforcement of the rule has been halted due to legal challenges. [Extracted from the article]