House to Vote on Plan to Kill CFPB Small Business Rule

The Senate already passed the measure, but president has threatened veto.

David Baumann


Nov 27



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David Baumann

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David Baumann

A squiggly pink arrow pointing downward and to the right.

The House late this week is scheduled to vote on aSenate-passed resolution to kill the CFPB rule that requires financial institutions to report on their lending to women- and minority-owned businesses.

On Tuesday, the House Rules Committee is scheduled toconsider a rule for debate on S.J. Res 32; the committee is unlikely to allow any amendments tothe resolution.

The resolution is on the House schedule for Friday,but that could change.

The resolution uses the Congressional Review Act, alaw that allows Congress to kill major rules issued by federal agencies.

In any event, the resolution is likely a symbolic movesince President Biden threateneda veto when the Senate considered the resolution last month.

Nonetheless, the Senate adoptedthe resolution, 53-44.

Credit union trade groups have criticized the rule,contending that it, among other things, it is too expensive to implement.

Federal judges in Texas and Kentucky have refused toallow the CFPB to implement the rule until the U.S. Supreme Court rules whetherthe agency’s funding mechanism is constitutional.


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