The House Financial Services Committee on Thursday approved an American Bankers Association-supported resolution of disapproval to overturn the CFPB’s final rule implementing Section 1071 of the Dodd-Frank Act, which requires the collection and reporting of credit application data for small businesses, including women-owned and minority-owned small businesses. The resolution would need to be adopted by both houses of Congress and signed by the president to overturn the rule.
Producer prices hold steady in June
The Producer Price Index was unchanged in June from the previous month, the Labor Department reported. The index showed prices increased 2.3% in June from a year before.