President vetoes resolution against Section 1071 rule

In a move widely considered to be expected, President Biden vetoed S.J. Res. 32 on Tuesday night, which would have ended the Consumer Financial Protection Bureau’s Section 1071 rule.

S.J. Res. 32 was a bipartisan resolution, which passed the Senate in October and the House of Representatives just a few weeks ago. It would have overturned 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.