Congress has voted to pass a Senate joint resolution to overturn the Consumer Finance Protection Bureau’s (CFPB’s) small business data rule. Lenders would have been required to collect and report information about the small business credit applications they receive, including geographic and demographic data, lending decisions, and the price of credit.
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Congress votes to scrap CFPB small business lending data rule
"This important resolution admonishes intrusive and overly burdensome data collection and reporting requirements for small-business loans that would ultimately harm the women- and minority-owned small businesses the rule is designed to help."
