Disapproving the rule submitted by the Consumer Financial Protection Bureau relating to "Small Business Lending Under the Equal Credit Opportunity Act (Regulation B)".

What it does

This joint resolution nullifies the final rule issued by the Consumer Financial Protection Bureau titled Small Business Lending under the Equal Credit Opportunity Act (Regulation B) and published on May 31, 2023. The rule requires financial institutions to collect and report to the bureau credit application data for small businesses. On July 31, 2023, the U.S. District Court for the Southern District of Texas ordered the bureau not to implement or enforce the rule until a related pending case is resolved.

Summary by the Congressional Research Service, Nov 28, 2023 (Reported to House). CRS summarizes bills impartially; it does not take positions.