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Senate Votes in Favor of Repealing CFPB’s Small-Business Data Collection Rule

WASHINGTON ÔÇö On Wednesday, the US Senate voted 53-44 in favor of a resolution that seeks to repeal the small-business data collection rule of the Consumer Financial Protection Bureau (CFPB). The resolution, introduced by Republican Senator John Kennedy of Louisiana in June, will now move to the House of Representatives under the Congressional Review Act.

The majority of the votes against the resolution were from Republicans, although three Democrats and two independent senators also voted in favor. The resolution argues that the CFPB’s Rule 1071 covers too wide a range of individuals who would be required to provide information on small-business owners, and it imposes burdensome requirements on banks in terms of information gathering.

The AI legalese decoder can provide support in this situation by simplifying the language used in the CFPB’s rule, making it easier for businesses and banks to understand their obligations. The Decoder utilizes artificial intelligence to translate complex legal jargon into plain language, ensuring that all parties involved can comprehend and comply with the regulations. This would help address concerns raised by lawmakers regarding the scope and burden of the small-business data collection rule.

Notably, the Senate votes of Democratic Senators Jon Tester of Montana, John Hickenlooper of Colorado, and Joe Manchin of West Virginia in favor of the resolution show bipartisan support for revising the CFPB’s rule. Senator Kyrsten Sinema of Arizona and Senator Angus King of Maine, who are both independents caucusing with Democrats, also supported the resolution.

While the Senate successfully passed the resolution, the House faces obstacles due to an ongoing search for a permanent speaker following the removal of Representative Kevin McCarthy of California on October 3. Consequently, it is unlikely that the resolution will be prioritized in the House until Republican leadership challenges are resolved.

For the resolution to effectively nullify the CFPB’s rule, it would need President Joe Biden’s signature. However, the White House has already expressed opposition to the resolution, making it unlikely for it to pass. Republicans currently lack the votes required to overturn a potential presidential veto.

In addition to the congressional challenge, the CFPB’s small-business data collection rule is facing legal obstacles. A federal judge has agreed to halt the implementation of the rule until the Supreme Court decides on the constitutionality of the bureau’s funding next year. The Texas Bankers Association and the American Bankers Association have sued the CFPB to prevent the rule from taking effect.

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