119-hr976

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 976 Reported in House

    (RH) ]

<DOC>

 Union Calendar No. 65
119th CONGRESS
 1st Session
 H. R. 976

 [Report No. 119-91]

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

_______________________________________________________________________

 IN THE HOUSE OF REPRESENTATIVES

 February 4, 2025

 Mr. Williams of Texas (for himself, Mr. Huizenga, Mr. Flood, Mr. 
Meuser, Mrs. Wagner, Ms. De La Cruz, Mr. Nunn of Iowa, Mr. Downing, Mr. 
 Donalds, Mr. Haridopolos, Mr. Lucas, Mr. Garbarino, Mr. Finstad, Mr. 
 Moore of North Carolina, Mr. Barr, Mr. Collins, Mr. Davidson, Mr. 
Kustoff, Mr. Bergman, Ms. Tenney, Mr. Norman, Mr. Ogles, Mr. Ezell, Mr. 
Yakym, Mr. Jackson of Texas, Mr. Grothman, Mr. Loudermilk, Mr. Gill of 
 Texas, Mr. Taylor, and Ms. Van Duyne) introduced the following bill; 
 which was referred to the Committee on Financial Services

 May 6, 2025

 Additional sponsors: Ms. Hageman, Mr. Murphy, Mr. Graves, Mr. Guest, 
 Mr. Sessions, Mr. Schmidt, Mr. Fitzgerald, Mr. Palmer, Mr. Stutzman, 
 Mr. Kelly of Mississippi, Mr. Johnson of South Dakota, Mr. Mann, Mr. 
 Smith of Nebraska, Mr. Cloud, Mr. Goldman of Texas, Mr. Carter of 
Texas, Mr. Self, Mr. Lawler, Mr. Rose, Mrs. Miller-Meeks, Mr. Van Drew, 
 Mr. Alford, and Mr. Wied

 May 6, 2025

 Reported with an amendment, committed to the Committee of the Whole 
 House on the State of the Union, and ordered to be printed
 [Strike out all after the enacting clause and insert the part printed 
 in italic]
 [For text of introduced bill, see copy of bill as introduced on 
 February 4, 2025]

_______________________________________________________________________

 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, 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 amendments.--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.

    (2) Equal credit opportunity act amendments.--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) --
            (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) .
 Union Calendar No. 65

119th CONGRESS

 1st Session

 H. R. 976

 [Report No. 119-91]

_______________________________________________________________________

 A BILL

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

_______________________________________________________________________

 May 6, 2025

 Reported with an amendment, committed to the Committee of the Whole 
 House on the State of the Union, and ordered to be printed