Official Summaries

1071 Repeal to Protect Small Business Lending Act

This bill repeals the statute that requires financial institutions to collect data regarding applications for women-owned, minority-owned, or small business loans. Currently, financial institutions must collect and report to the Consumer Financial Protection Bureau information on (1) how many applications were received; (2) the disposition of each application; (3) the type of loan; (4) the amount applied for; (5) the amount approved; and (6) each applicant’s census tract, revenue, race, sex, and ethnicity.

Current Full Text

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[S. 557 Introduced in Senate (IS)]

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119th CONGRESS
  1st Session
                                 S. 557

 To repeal the small business loan data collection requirements under 
                   the Equal Credit Opportunity Act.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                           February 12, 2025

Mr. Kennedy (for himself, Mrs. Hyde-Smith, Ms. Ernst, Mr. Boozman, Mr. 
Wicker, Mr. Barrasso, Mr. Rounds, Mr. Daines, and Mr. Cruz) introduced 
the following bill; which was read twice and referred to the Committee 
                 on Banking, Housing, and Urban Affairs

_______________________________________________________________________

                                 A BILL


 
 To repeal the small business loan data collection requirements under 
                   the Equal Credit Opportunity Act.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``1071 Repeal to Protect Small 
Business Lending Act''.

SEC. 2. FINDINGS.

    Congress finds the following:
            (1) Section 704B of the Equal Credit Opportunity Act, as 
        added by section 1071 of the Dodd-Frank Wall Street Reform and 
        Consumer Protection Act (Public Law 111-203; 124 Stat. 2056), 
        imposes data collection and reporting requirements on financial 
        institutions regarding small business loans.
            (2) These requirements have resulted in increased 
        compliance costs for financial institutions, potentially 
        reducing access to credit for small businesses.
            (3) The regulatory burdens created by these requirements 
        disproportionately impact smaller financial institutions, such 
        as community banks and credit unions, which are critical to 
        small business lending.
            (4) Repealing these requirements will reduce regulatory 
        barriers and support greater access to credit for small 
        businesses.

SEC. 3. REPEAL OF THE SMALL BUSINESS LOAN DATA COLLECTION REQUIREMENTS.

    (a) In General.--Section 704B of the Equal Credit Opportunity Act 
(15 U.S.C. 1691c-2) is repealed.
    (b) Conforming Amendments.--
            (1) Dodd-frank wall street reform and consumer protection 
        act.--The Dodd-Frank Wall Street Reform and Consumer Protection 
        Act (12 U.S.C. 5301 et seq.) is amended--
                    (A) in the table of contents in section 1(b) of 
                such Act, by striking the item relating to section 
                1071; and
                    (B) by striking section 1071 (Public Law 111-203; 
                124 Stat. 1056).
            (2) Equal credit opportunity act.--The Equal Credit 
        Opportunity Act (15 U.S.C. 1691 et seq.) is amended--
                    (A) in the table of contents for such Act, by 
                striking the item relating to section 704B; and
                    (B) in section 701(b) (15 U.S.C. 1691(b))--
                            (i) in paragraph (3), by adding ``or'' at 
                        the end;
                            (ii) in paragraph (4), by striking ``; or'' 
                        and inserting a period; and
                            (iii) by striking paragraph (5).
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