Disapprove CFPB Small Business Lending Rule -- Passage SJRES 32

Passage of the resolution that would provide for congressional disapproval of a May 2023 Consumer Financial Protection Bureau rule that requires financial institutions to collect and report information to CFPB on small-business credit applications, such as the credit type, credit purpose and the amount applied for. It would also allow for the collection of self-reported demographic data related to women-, minority- and LGBTQ-owned small businesses. According to the CFPB, the rule is intended to allow for the creation of a database which agencies can use to enforce fair lending practices. The rule took effect on Aug. 29, 2023. Under the provisions of the joint resolution, the CFPB rule would have no force or effect.