U.S. President Joe Biden on Tuesday vetoed a resolution that would disapprove of the Consumer Financial Protection Bureau's small-business loan rule, saying the resolution would hinder the government's ability to conduct oversight of predatory lenders. The resolution, which passed with support from just five Democrats in the U.S. Senate in October and the Republican-controlled House of Representatives earlier this month, nullified a CFPB rule that required financial institutions to collect and report credit application data for small businesses to the bureau. The CFPB rule was already facing legal challenges. In July, a federal court had ordered the CFPB not to implement the rule until a related pending case is resolved. "If enacted, this resolution would harm all those that stand to benefit from expanded transparency and accountability," Biden said in a statement released by the White House.
U.S. President Joe Biden on Tuesday vetoed a resolution that would disapprove of the Consumer Financial Protection Bureau's small-business loan rule, saying the resolution would hinder the government's ability to conduct oversight of predatory lenders. The resolution, which passed with support from just five Democrats in the U.S. Senate in October and the Republican-controlled House of Representatives earlier this month, nullified a CFPB rule that required financial institutions to collect and report credit application data for small businesses to the bureau. The CFPB rule was already facing legal challenges. In July, a federal court had ordered the CFPB not to implement the rule until a related pending case is resolved. "If enacted, this resolution would harm all those that stand to benefit from expanded transparency and accountability," Biden said in a statement released by the White House.