Hoeven Votes for CRA Resolution to Stop Biden Administration’s CFPB Rule

Senator Cosponsored Resolution to Stop Burdensome Data Collection Mandates on Lending, Protect Privacy of Small Business Owners

WASHINGTON – Senator John Hoeven today voted to strike down the Biden administration’s Consumer Financial Protection Bureau (CFPB) Small Business Lending Data Collection Rule. The CFPB rule imposes burdensome data collection requirements on covered financial institutions, which are particularly costly for smaller lenders, while making the data public, potentially risking the privacy of small business owners. Hoeven cosponsored the Congressional Review Act (CRA) Resolution of Disapproval (S.J.Res.32) to rescind the rule. The CRA was approved by a vote of 53 to 44.

“This overbroad rule would increase costs for borrowers, affecting the availability of credit for small business owners, while risking their privacy. Our resolution would put a stop to this overreach by the Biden administration,” said Hoeven.