President Joe Biden said he would veto a measure by Senate Republicans to cancel an administration rule requiring banks to collect data on small business owners when they seek a loan.
“This resolution would hamper the efforts to promote transparency and accountability in small business lending and create hurdles for mission-driven lenders and community organizations striving to close the most acute gaps in capital access for minority- and women-owned businesses,” the administration said.
Among the information the CFPB wants to collect are data on the race, ethnicity, and gender of the small business owner and whether the business is minority-owned, owned by women, or LGBT-owned. Kennedy had previously railed against the CFPB rule during a June hearing with CFPB Director Rohit Chopra. He questioned Chopra over the privacy concerns he said the rule brings to the fore.