Biden Vetoes Repeal of ‘Woke’ Lending Rule

The joint resolution would have nullified a new small business lending rule that critics say politicizes the lending process.

President Joe Biden speaks on his economic policies at the Wisconsin Black Chamber of Commerce in Milwaukee on Dec. 20, 2023. Mandel Ngan/AFP via Getty Images

A controversial Consumer Financial Protection Bureau (CFPB) small-business lending rule will remain in effect after President Joe Biden vetoed a joint resolution of disapproval that would have repealed the measure.

The rule in question requires lenders to annually collect and report to the CFPB certain credit application data from the small-business owners they lend to, including personal demographics such as race, sexual orientation, and gender identity. The rule, which took effect in August, also enables the creation of a publicly accessible database of small-business credit applications.