CryptoWorld News reports that the U.S. Consumer Financial Protection Bureau (CFPB) officially finalized a regulation on Thursday aimed at replacing the rules put in place during the Biden administration that required banks to collect statistical data on small business borrowers. Banking industry lobbying groups previously said that the regulation, which was passed in 2023 during the Biden administration, constitutes an intrusive burden and could ultimately lead to a reduction in the issuance of small business loans. The Trump administration had previously delayed the regulation’s effective date multiple times, citing legal challenges to the regulation.

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