Biden Vetoes Bipartisan Repeal of CFPB Small Business Data Rule

President Joe Biden vetoed a measure that would have repealed the Consumer Financial Protection Bureau’s small business data collection rule, getting rid of one hurdle to the effort to combat lending discrimination.

The CFPB’s rule requires lenders to collect demographic data—such as race, gender, and ethnicity—about their small business borrowers. The agency released the regulation, mandated under Section 1071 of the Dodd-Frank Act, in March.

The US House of Representatives this month cleared a Senate-passed measure (S. J. Res. 32) to repeal the rule using the Congressional Review Act. Both votes were bipartisan, with six House Democrats and ...