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1071 Repeal to Protect Small Business Lending Act
To repeal the small business loan data collection requirements under the Equal Credit Opportunity Act.
Summary
This bill repeals Section 1071 of the Dodd-Frank Act, which requires financial institutions to collect and report data on small business loans. The bill eliminates data collection and reporting requirements that were imposed on banks, credit unions, and other lenders. According to the bill's findings, these requirements increased compliance costs for financial institutions and particularly affected smaller institutions like community banks and credit unions. The repeal involves conforming amendments to both the Equal Credit Opportunity Act and the Dodd-Frank Act to remove references to and provisions related to the small business loan data collection requirements.
AI-generated plain-language summary of the bill text — neutral, and may be imperfect. See the full text below for the exact wording.
Sponsor (1)
- Sen. Kennedy, John [R-LA] (R-LA)
15 cosponsors
- Sen. Barrasso, John [R-WY] (R-WY)
- Sen. Boozman, John [R-AR] (R-AR)
- Sen. Britt, Katie Boyd [R-AL] (R-AL)
- Sen. Crapo, Mike [R-ID] (R-ID)
- Sen. Cruz, Ted [R-TX] (R-TX)
- Sen. Daines, Steve [R-MT] (R-MT)
- Sen. Ernst, Joni [R-IA] (R-IA)
- Sen. Grassley, Chuck [R-IA] (R-IA)
- Sen. Husted, Jon [R-OH] (R-OH)
- Sen. Hyde-Smith, Cindy [R-MS] (R-MS)
- Sen. Moran, Jerry [R-KS] (R-KS)
- Sen. Ricketts, Pete [R-NE] (R-NE)
- Sen. Risch, James E. [R-ID] (R-ID)
- Sen. Rounds, Mike [R-SD] (R-SD)
- Sen. Wicker, Roger F. [R-MS] (R-MS)
Actions (2)
- Feb 12, 2025 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. · senate
- Feb 12, 2025 Introduced in Senate
Similar bills (6)
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Full text
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). <all>
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