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.
Court blocks CFPB’s late fee rule from taking effect
ABA's Rob Nichols welcomed the ruling, which he said “will spare banks from having to immediately comply with a rule...