In March, as a result of a lawsuit brought by the California Reinvestment Coalition, the CFPB finalized a rule under Section 1071 of the Consumer Financial Protection Act, requiring lenders to collect and report information about small business credit applications.
Today, by a vote of 53-44, the Senate voted to invalidate the measure under the Congressional Review Act. The White House has threatened to veto the measure, which still must be passed by the House, should that chamber return to working business.
