This bill cancels a rule that the Consumer Financial Protection Bureau created in May 2023. That rule would have required banks and other financial institutions to collect detailed information about small business loan applications and report that data back to the government agency. The goal of the original rule was to help enforce fair lending laws and make sure small businesses weren't being discriminated against when applying for credit. However, a federal court in Texas has already blocked the rule from being enforced while a lawsuit about it is still pending. By passing this bill, Congress would officially kill the rule entirely rather than wait for the court case to finish. This means financial institutions would no longer have to gather and submit this small business lending data to the government.

Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Bureau of Consumer Financial Protection relating to "Small Business Lending Under the Equal Credit Opportunity Act (Regulation B)".

Williams, Roger

 <p>This joint resolution nullifies the final rule issued by the Consumer Financial Protection Bureau titled <i>Small Business Lending under the Equal Credit Opportunity Act (Regulation B)</i> and published on May 31, 2023. The rule requires financial institutions to collect and report to the bureau credit application data for small businesses. On July 31, 2023, the U.S. District Court for the Southern District of Texas ordered the bureau not to implement or enforce the rule until a related pending case is resolved.</p>