The U.S. Senate has voted to block a new lending rule opposed by the National Federation of Independent Business (NFIB), one of the largest voices representing American entrepreneurs, after receiving a letter from the organization urging Congress to oppose the policy due to fears it would tighten small business owners’ access to vital funding. The Consumer Financial Protection Bureau (CFPB) 1071 Small Business Lending Rule, or simply CFPB 1071, would require entrepreneurs, specifically those with 20 employees or less, and their lenders to submit and collect additional paperwork when applying for a loan. The information within the documents, which include demographics and other data points, would then be sent to the bureau. If unopposed, the policy would have become effective on January 1, 2024. The NFIB resisted the rule on two counts. First, the organization argued that small business owners support them are already required to submit paperworks when applying for a loan.