Senate Votes to Block CFPB Small Business Data Rule

The Senate on Wednesday voted to overturn a Consumer Financial Protection Bureau rule requiring lenders to collect demographic data from small businesses when they apply for credit.

Several Democrats and independents joined all Republicans in a 53-44 vote to block the rule, which came under fire from the banking industry. The White House threatened to veto the resolution (S. J. Res. 32), which would require a two-thirds majority in the House and Senate to override.

Sens. Joe Manchin (D-W.Va.), John Hickenlooper (D-Colo.), Kyrsten Sinema (I-Ariz.), Jon Tester (D-Mont.), and Angus King (I-Maine) voted for the resolution.

Sen. John ...