CFPB Small Business Rule Survives Senate Efforts to Cancel Veto

Senators opposed to the Consumer Financial Protection Bureau’s small business data collection rule failed to muster the supermajority necessary to override President Joe Biden’s veto of a measure repealing the rule.

The override effort came up short by a 54-45 vote Wednesday, lacking the two-thirds majority needed to cancel Biden’s veto of a Congressional Review Act resolution (S. J. Res. 32) that would have eliminated the CFPB’s rule requiring small business lenders to collect demographic data of their borrowers. Several Democrats and independents joined with Republicans pushing to scrap the agency’s rule.

The US House of Representatives could ...