Senate fails to overturn veto of section 1071 rule

The Senate Wednesday failed to garner the two-thirds majority needed to overturn President Joe Biden’s veto of the CFPB’s section 1071 rule. Biden vetoed the congressional resolution of disapproval in December, following successful credit union advocacy to get it through both chambers.

The section 1071 rule, which would require credit unions and banks to collect demographic data on small businesses that apply for loans, is currently under a nationwide stay for all covered entities. Credit unions successfully challenged the rule in court to halt implementation for all covered entities.

America’s Credit Unions will continue to advocate for regulatory relief for the industry.

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