119-HR976

Bill is currently in: House
Path to Law
House Senate President

119th CONGRESS

1st Session

H. R. 976

1. Short title
2. Findings
3. Repeal of the small business loan data collection requirements

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(a) In general - Section 704B of the Equal Credit Opportunity Act (15 U.S.C. 1691c–2) is repealed.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).