Bill > S557

This bill seeks to repeal Section 704B of the Equal Credit Opportunity Act, which was originally added by Section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The data collection and reporting requirements for financial institutions regarding small business loans are viewed by the bill's sponsors as creating significant regulatory burdens, especially for smaller financial institutions like community banks and credit unions. The bill argues that these requirements increase compliance costs and potentially reduce credit access for small businesses. By completely eliminating these data collection mandates, the bill aims to reduce regulatory barriers and support easier access to credit. Specifically, the bill would remove all references to these data collection requirements from both the Dodd-Frank Act and the Equal Credit Opportunity Act, effectively nullifying the existing reporting obligations for financial institutions when they make small business loans. The bill's proponents suggest that removing these requirements will help smaller financial institutions by reducing their administrative and compliance costs.

Housing and Urban Affairs

https://www.congress.gov/bill/119th-congress/senate-bill/557/all-info