A controversial Consumer Financial Protection Bureau (CFPB) small business lending rule will remain in effect after President Joe Biden vetoed a joint resolution of disapproval that would have repealed the measure.
The rule in question requires lenders to annually collect and report to the CFPB certain credit application data from the small business owners they lend to, including personal demographics like race, sexual orientation, and gender identity. The rule, which took effect in August, also enables the creation of a publicly accessible database of small business credit applications.
Republicans have criticized the rule as a move to make the lending process more “woke.”…