119-s557

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

    (IS) ]

<DOC>

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(15 U.S.C. 1691c-2) is repealed.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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