Us Congress 2025-2026 Regular Session

Us Congress Senate Bill SB557 Compare Versions

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

Old	New	Differences
1	1	II
2	2	119THCONGRESS
3	3	1
4	4	STSESSION S. 557
5	5	To repeal the small business loan data collection requirements under the
6	6	Equal Credit Opportunity Act.
7	7	IN THE SENATE OF THE UNITED STATES
8	8	FEBRUARY12, 2025
9	9	Mr. K
10	10	ENNEDY(for himself, Mrs. HYDE-SMITH, Ms. ERNST, Mr. BOOZMAN,
11	11	Mr. W
12	12	ICKER, Mr. BARRASSO, Mr. ROUNDS, Mr. DAINES, and Mr. CRUZ)
13	13	introduced the following bill; which was read twice and referred to the
14	14	Committee on Banking, Housing, and Urban Affairs
15	15	A BILL
16	16	To repeal the small business loan data collection
17	17	requirements under the Equal Credit Opportunity Act.
18	18	Be it enacted by the Senate and House of Representa-1
19	19	tives of the United States of America in Congress assembled, 2
20	20	SECTION 1. SHORT TITLE. 3
21	21	This Act may be cited as the ‘‘1071 Repeal to Protect 4
22	22	Small Business Lending Act’’. 5
23	23	SEC. 2. FINDINGS. 6
24	24	Congress finds the following: 7
25	25	(1) Section 704B of the Equal Credit Oppor-8
26	26	tunity Act, as added by section 1071 of the Dodd- 9
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29	29	•S 557 IS
30	30	Frank Wall Street Reform and Consumer Protection 1
31	31	Act (Public Law 111–203; 124 Stat. 2056), imposes 2
32	32	data collection and reporting requirements on finan-3
33	33	cial institutions regarding small business loans. 4
34	34	(2) These requirements have resulted in in-5
35	35	creased compliance costs for financial institutions, 6
36	36	potentially reducing access to credit for small busi-7
37	37	nesses. 8
38	38	(3) The regulatory burdens created by these re-9
39	39	quirements disproportionately impact smaller finan-10
40	40	cial institutions, such as community banks and cred-11
41	41	it unions, which are critical to small business lend-12
42	42	ing. 13
43	43	(4) Repealing these requirements will reduce 14
44	44	regulatory barriers and support greater access to 15
45	45	credit for small businesses. 16
46	46	SEC. 3. REPEAL OF THE SMALL BUSINESS LOAN DATA COL-17
47	47	LECTION REQUIREMENTS. 18
48	48	(a) I
49	49	NGENERAL.—Section 704B of the Equal Credit 19
50	50	Opportunity Act (15 U.S.C. 1691c–2) is repealed. 20
51	51	(b) C
52	52	ONFORMINGAMENDMENTS.— 21
53	53	(1) D
54	54	ODD-FRANK WALL STREET REFORM AND 22
55	55	CONSUMER PROTECTION ACT .—The Dodd-Frank 23
56	56	Wall Street Reform and Consumer Protection Act 24
57	57	(12 U.S.C. 5301 et seq.) is amended— 25
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60	60	•S 557 IS
61	61	(A) in the table of contents in section 1(b) 1
62	62	of such Act, by striking the item relating to sec-2
63	63	tion 1071; and 3
64	64	(B) by striking section 1071 (Public Law 4
65	65	111–203; 124 Stat. 1056). 5
66	66	(2) E
67	67	QUAL CREDIT OPPORTUNITY ACT .—The 6
68	68	Equal Credit Opportunity Act (15 U.S.C. 1691 et 7
69	69	seq.) is amended— 8
70	70	(A) in the table of contents for such Act, 9
71	71	by striking the item relating to section 704B; 10
72	72	and 11
73	73	(B) in section 701(b) (15 U.S.C. 12
74	74	1691(b))— 13
75	75	(i) in paragraph (3), by adding ‘‘or’’ 14
76	76	at the end; 15
77	77	(ii) in paragraph (4), by striking ‘‘; 16
78	78	or’’ and inserting a period; and 17
79	79	(iii) by striking paragraph (5). 18
80	80	Æ
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