House approves resolution against Section 1071 rule

The House, on Friday, passed a Senate joint resolution to overturn the CFPB’s final rule implementing Section 1071 of the Dodd-Frank Act, which requires the collection and reporting of credit application data for small businesses.

S.J. Res. 32 had cleared the Senate with bipartisan support in October, and it cleared the House Friday by a vote of 221-202, with most Republicans and six Democrats voting in favor of the resolution.

S.J. Res. 32 would need to be approved by both houses of Congress and signed by the president to overturn the rule. The White House, however, has stated President Biden intends to veto the legislation.