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Bill > HR976

US HR976

1071 Repeal to Protect Small Business Lending Act

summary

Introduced
02/04/2025
In Committee
04/02/2025
Crossed Over
Passed
Dead

Introduced Session

119th Congress

Bill Summary

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

AI Summary

This bill seeks to repeal the small business loan data collection requirements that were originally established under Section 704B of the Equal Credit Opportunity Act, which was initially added by Section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The legislation is motivated by concerns that these data collection and reporting requirements impose significant compliance costs on financial institutions, particularly smaller ones like community banks and credit unions, potentially reducing their ability to provide credit to small businesses. By completely eliminating these requirements, the bill aims to reduce regulatory barriers and support greater access to credit for small businesses. Specifically, the bill would remove Section 704B from the Equal Credit Opportunity Act, strike related references in the Dodd-Frank Act's table of contents, and make conforming amendments to existing law that eliminate the specific reporting mandates. The legislative findings emphasize that the current requirements create disproportionate burdens on smaller financial institutions and may ultimately hinder, rather than help, small business lending.

Committee Categories

Business and Industry

Sponsors (53)

Roger Williams (R)*,  Mark Alford (R),  Andy Barr (R),  Jack Bergman (R),  John Carter (R),  Michael Cloud (R),  Mike Collins (R),  Warren Davidson (R),  Monica De La Cruz (R),  Byron Donalds (R),  Troy Downing (R),  Mike Ezell (R),  Brad Finstad (R),  Scott Fitzgerald (R),  Mike Flood (R),  Andrew Garbarino (R),  Brandon Gill (R),  Craig Goldman (R),  Sam Graves (R),  Glenn Grothman (R),  Michael Guest (R),  Harriet Hageman (R),  Mike Haridopolos (R),  Bill Huizenga (R),  Ronny Jackson (R),  Dusty Johnson (R),  Trent Kelly (R),  David Kustoff (R),  Mike Lawler (R),  Barry Loudermilk (R),  Frank Lucas (R),  Tracey Mann (R),  Dan Meuser (R),  Mariannette Miller-Meeks (R),  Tim Moore (R),  Greg Murphy (R),  Ralph Norman (R),  Zach Nunn (R),  Andy Ogles (R),  Gary Palmer (R),  John Rose (R),  Derek Schmidt (R),  Keith Self (R),  Pete Sessions (R),  Adrian Smith (R),  Marlin Stutzman (R),  David Taylor (R),  Claudia Tenney (R),  Jeff Van Drew (R),  Beth Van Duyne (R),  Ann Wagner (R),  Tony Wied (R),  Rudy Yakym (R), 

Last Action

Placed on the Union Calendar, Calendar No. 65. (on 05/06/2025)
(1 Companion Bills)

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