A joint resolution providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Bureau of Consumer Financial Protection relating to "Small Business Lending Under the Equal Credit Opportunity Act (Regulation B)".
Sponsored by John Kennedy
Failed of passage in Senate over veto by Yea-Nay Vote. 54 - 45. Record Vote Number: 5.
Jan 10, 2024
This joint resolution nullifies a Consumer Financial Protection Bureau final rule titled Small Business Lending under the Equal Credit Opportunity Act (Regulation B), which was published on May 31, 2023. The rule required financial institutions to collect and report credit application data for small businesses to the bureau. The resolution acts after a U.S. District Court order issued on July 31, 2023, that prohibited the bureau from implementing or enforcing the rule pending resolution of a related case.
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This joint resolution nullifies the final rule issued by the Consumer Financial Protection Bureau titled Small Business Lending under the Equal Credit Opportunity Act (Regulation B) and published on May 31, 2023. The rule requires financial institutions to collect and report to the bureau credit application data for small businesses. On July 31, 2023, the U.S. District Court for the Southern District of Texas ordered the bureau not to implement or enforce the rule until a related pending case is resolved.