Section 1 Short title
This Act may be cited as the “1071 Repeal to Protect Small Business Lending Act”.
1071 Repeal to Protect Small Business Lending Act
A BILL
To repeal the small business loan data collection requirements under the Equal Credit Opportunity Act.
Sec. 2 Findings
Congress finds the following:
Section 704B of the Equal Credit Opportunity Act, as added by section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Public Law 111–203; 124 Stat. 2056), imposes data collection and reporting requirements on financial institutions regarding small business loans.
These requirements have resulted in increased compliance costs for financial institutions, potentially reducing access to credit for small businesses.
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.
Repealing these requirements will reduce regulatory barriers and support greater access to credit for small businesses.
Sec. 3 Repeal of the small business loan data collection requirements
In general— Section 704B of the Equal Credit Opportunity Act (15 U.S.C. 1691c–2) is repealed.
Conforming amendments—
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—
in the table of contents in section 1(b) of such Act, by striking the item relating to section 1071; and
by striking section 1071 (Public Law 111–203; 124 Stat. 1056).
in the table of contents for such Act, by striking the item relating to section 704B; and
in section 701(b) (15 U.S.C. 1691(b))—
in paragraph (3), by adding “or” at the end;
in paragraph (4), by striking “; or” and inserting a period; and
by striking paragraph (5).