The Senate voted Wednesday, by a 53-44 tally, to repeal the Consumer Financial Protection Bureau’s small-business data collection rule.
The rule, issued in March, has drawn criticism over the specific pieces of information it seeks to collect from small-business owners when they apply for loans.
Proponents have said the details, which include geographic and demographic information on the borrowers and the price of credit, would help fight unlawful discrimination. But detractors have denounced the data collection as intrusive.
