1071 Repeal to Protect Small Business Lending Act

Bill: 119-hr-976
Sponsor: full_name: Rep. Williams, Roger [R-TX-25]
Introduced: 2025-02-04
Policy area: Finance and Financial Sector
Subjects: Banking and financial institutions regulation

Consumer credit

Small business
Latest action: action_date: 2025-05-06
text: Placed on the Union Calendar, Calendar No. 65.

Summaries:
action_date: 2025-02-04
action_desc: Introduced in House
text: <p><strong>1071 Repeal to Protect Small Business Lending Act</strong></p><p>This bill repeals the statute that requires financial institutions to collect data regarding applications for women-owned, minority-owned, or small business loans. Currently, financial institutions must collect and report to the Consumer Financial Protection Bureau information on (1) how many applications were received; (2) the disposition of each application; (3) the type of loan; (4) the amount applied for; (5) the amount approved; and (6) each applicant’s census tract, revenue, race, sex, and ethnicity.</p>

tv_txt: IB Union Calendar No. 65 119th CONGRESS 1st Session H. R. 976 [Report No. 119–91] 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.

1. Short title This Act may be cited as the 1071 Repeal to Protect Small Business Lending Act . 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. 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).

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

tv_txt: I 119th CONGRESS 1st Session H. R. 976 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 A BILL To repeal the small business loan data collection requirements under the Equal Credit Opportunity Act.

1. Short title This Act may be cited as the 1071 Repeal to Protect Small Business Lending Act . 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. 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. (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)— (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).