On December 20, 2023, the ABA banking Journal reported that President Biden vetoed a Senate joint resolution to overturn the CFPB’s final rule implementing Section 1071 of the Dodd-Frank Act, also known as the small business lending data collection rule. In a published statement, Biden said that the resolution would harm all those that stand to benefit from expanded transparency and accountability, thus vetoing the resolution.
On December 14, 2023, the Senate Joint Resolution 32 was presented to the president after it cleared both houses of Congress with bipartisan support. In July, a Texas judge issued a preliminary injunction that halts enforcement of the rule until the U.S. Supreme Court makes a decision in a separate case regarding the constitutionality of the CFPB’s funding structure.
Read the ABA Banking Journal’s article here.
President Biden’s statement can be found here.