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## House Votes to Nullify CFPB’s Small-Business Data-Collection Rule

The House recently approved a bill to nullify the Consumer Financial Protection Bureau’s small-business data-collection rule, with the expectation that President Joe Biden will veto it. The legislation passed in a 221-202 vote with support from both Republicans and some Democrats. An identical Senate bill, which was passed in October, also received bipartisan backing.

The contested rule, implemented in March, requires lenders to gather demographic information before granting loans to small businesses, raising concerns from the industry about the burden on lenders and small businesses, as well as issues related to privacy. The House vote to nullify the rule, known as Section 1071, has caused division, drawing criticism from community activists and praise from bank trade groups.

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