First in The Vault: Republican senators are unveiling a new push to restructure a small business lending database introduced by the Dodd-Frank Act.
The Senate bill, led by Sens. Katie Britt (R-Ala.) and John Boozman (R-Ark.), is called the PROTECTED Act. It would change the requirements of a database maintained by the Consumer Financial Protection Bureau.
The financial services sector has objected to this rule for years. The CFPB finalized it during the Biden administration, but current Republican leadership has said they’re going back to the drawing board.
