I
119THCONGRESS
1
STSESSION H. R. 976
To repeal the small business loan data collection requirements under the
Equal Credit Opportunity Act.
IN THE HOUSE OF REPRESENTATIVES
FEBRUARY4, 2025
Mr. W
ILLIAMSof Texas (for himself, Mr. HUIZENGA, Mr. FLOOD, Mr.
M
EUSER, Mrs. WAGNER, Ms. DELACRUZ, Mr. NUNNof Iowa, Mr.
D
OWNING, Mr. DONALDS, Mr. HARIDOPOLOS, Mr. LUCAS, Mr.
G
ARBARINO, Mr. FINSTAD, Mr. MOOREof North Carolina, Mr. BARR,
Mr. C
OLLINS, Mr. DAVIDSON, Mr. KUSTOFF, Mr. BERGMAN, Ms.
T
ENNEY, Mr. NORMAN, Mr. OGLES, Mr. EZELL, Mr. YAKYM, Mr. JACK-
SONof Texas, Mr. GROTHMAN, Mr. LOUDERMILK, Mr. GILLof Texas,
Mr. T
AYLOR, and Ms. VANDUYNE) 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.
Be it enacted by the Senate and House of Representa-1
tives of the United States of America in Congress assembled, 2
SECTION 1. SHORT TITLE. 3
This Act may be cited as the ‘‘1071 Repeal to Protect 4
Small Business Lending Act’’. 5
SEC. 2. FINDINGS. 6
Congress finds the following: 7
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(1) Section 704B of the Equal Credit Oppor-1
tunity Act, as added by section 1071 of the Dodd- 2
Frank Wall Street Reform and Consumer Protection 3
Act, imposes data collection and reporting require-4
ments on financial institutions regarding small busi-5
ness loans. 6
(2) These requirements have resulted in in-7
creased compliance costs for financial institutions, 8
potentially reducing access to credit for small busi-9
nesses. 10
(3) The regulatory burdens created by these re-11
quirements disproportionately impact smaller finan-12
cial institutions, such as community banks and cred-13
it unions, which are critical to small business lend-14
ing. 15
(4) Repealing these requirements will reduce 16
regulatory barriers and support greater access to 17
credit for small businesses. 18
SEC. 3. REPEAL OF THE SMALL BUSINESS LOAN DATA COL-19
LECTION REQUIREMENTS. 20
(a) I
NGENERAL.—Section 704B of the Equal Credit 21
Opportunity Act (15 U.S.C. 1691c–2) is repealed. 22
(b) C
ONFORMINGAMENDMENTS.— 23
(1) D
ODD-FRANK WALL STREET REFORM AND 24
CONSUMER PROTECTION ACT .—The Dodd-Frank 25
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Wall Street Reform and Consumer Protection Act 1
(12 U.S.C. 5301 et seq.) is amended— 2
(A) in the table of contents in section 1(b) 3
of such Act, by striking the item relating to sec-4
tion 1071; and 5
(B) by striking section 1071. 6
(2) E
QUAL CREDIT OPPORTUNITY ACT .—The 7
Equal Credit Opportunity Act (15 U.S.C. 1691 et 8
seq.) is amended— 9
(A) in the table of contents for such Act, 10
by striking the item relating to section 704B; 11
and 12
(B) in section 701(b)— 13
(i) in paragraph (3), by adding ‘‘or’’ 14
at the end; 15
(ii) in paragraph (4), by striking ‘‘; 16
or’’ and inserting a period; and 17
(iii) by striking paragraph (5). 18
Æ
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