Us Congress 2025-2026 Regular Session

Us Congress House Bill HB976 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1	I
2	2	119THCONGRESS
3	3	1
4	4	STSESSION H. R. 976
5	5	To repeal the small business loan data collection requirements under the
6	6	Equal Credit Opportunity Act.
7	7	IN THE HOUSE OF REPRESENTATIVES
8	8	FEBRUARY4, 2025
9	9	Mr. W
10	10	ILLIAMSof Texas (for himself, Mr. HUIZENGA, Mr. FLOOD, Mr.
11	11	M
12	12	EUSER, Mrs. WAGNER, Ms. DELACRUZ, Mr. NUNNof Iowa, Mr.
13	13	D
14	14	OWNING, Mr. DONALDS, Mr. HARIDOPOLOS, Mr. LUCAS, Mr.
15	15	G
16	16	ARBARINO, Mr. FINSTAD, Mr. MOOREof North Carolina, Mr. BARR,
17	17	Mr. C
18	18	OLLINS, Mr. DAVIDSON, Mr. KUSTOFF, Mr. BERGMAN, Ms.
19	19	T
20	20	ENNEY, Mr. NORMAN, Mr. OGLES, Mr. EZELL, Mr. YAKYM, Mr. JACK-
21	21	SONof Texas, Mr. GROTHMAN, Mr. LOUDERMILK, Mr. GILLof Texas,
22	22	Mr. T
23	23	AYLOR, and Ms. VANDUYNE) introduced the following bill; which
24	24	was referred to the Committee on Financial Services
25	25	A BILL
26	26	To repeal the small business loan data collection
27	27	requirements under the Equal Credit Opportunity Act.
28	28	Be it enacted by the Senate and House of Representa-1
29	29	tives of the United States of America in Congress assembled, 2
30	30	SECTION 1. SHORT TITLE. 3
31	31	This Act may be cited as the ‘‘1071 Repeal to Protect 4
32	32	Small Business Lending Act’’. 5
33	33	SEC. 2. FINDINGS. 6
34	34	Congress finds the following: 7
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37	37	•HR 976 IH
38	38	(1) Section 704B of the Equal Credit Oppor-1
39	39	tunity Act, as added by section 1071 of the Dodd- 2
40	40	Frank Wall Street Reform and Consumer Protection 3
41	41	Act, imposes data collection and reporting require-4
42	42	ments on financial institutions regarding small busi-5
43	43	ness loans. 6
44	44	(2) These requirements have resulted in in-7
45	45	creased compliance costs for financial institutions, 8
46	46	potentially reducing access to credit for small busi-9
47	47	nesses. 10
48	48	(3) The regulatory burdens created by these re-11
49	49	quirements disproportionately impact smaller finan-12
50	50	cial institutions, such as community banks and cred-13
51	51	it unions, which are critical to small business lend-14
52	52	ing. 15
53	53	(4) Repealing these requirements will reduce 16
54	54	regulatory barriers and support greater access to 17
55	55	credit for small businesses. 18
56	56	SEC. 3. REPEAL OF THE SMALL BUSINESS LOAN DATA COL-19
57	57	LECTION REQUIREMENTS. 20
58	58	(a) I
59	59	NGENERAL.—Section 704B of the Equal Credit 21
60	60	Opportunity Act (15 U.S.C. 1691c–2) is repealed. 22
61	61	(b) C
62	62	ONFORMINGAMENDMENTS.— 23
63	63	(1) D
64	64	ODD-FRANK WALL STREET REFORM AND 24
65	65	CONSUMER PROTECTION ACT .—The Dodd-Frank 25
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68	68	•HR 976 IH
69	69	Wall Street Reform and Consumer Protection Act 1
70	70	(12 U.S.C. 5301 et seq.) is amended— 2
71	71	(A) in the table of contents in section 1(b) 3
72	72	of such Act, by striking the item relating to sec-4
73	73	tion 1071; and 5
74	74	(B) by striking section 1071. 6
75	75	(2) E
76	76	QUAL CREDIT OPPORTUNITY ACT .—The 7
77	77	Equal Credit Opportunity Act (15 U.S.C. 1691 et 8
78	78	seq.) is amended— 9
79	79	(A) in the table of contents for such Act, 10
80	80	by striking the item relating to section 704B; 11
81	81	and 12
82	82	(B) in section 701(b)— 13
83	83	(i) in paragraph (3), by adding ‘‘or’’ 14
84	84	at the end; 15
85	85	(ii) in paragraph (4), by striking ‘‘; 16
86	86	or’’ and inserting a period; and 17
87	87	(iii) by striking paragraph (5). 18
88	88	Æ
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