Preventing Regulatory Overreach to Empower Communities to Thrive and Ensure Data Privacy Act modifies small business loan data collection.
The Preventing Regulatory Overreach to Empower Communities to Thrive and Ensure Data Privacy Act, also known as the PROTECTED Act, amends the Equal Credit Opportunity Act to modify requirements for small business loan data collection. It defines a small business as an entity with gross annual revenues of not more than $1,000,000 in the preceding fiscal year. The bill prohibits financial institutions from compiling and maintaining information not provided by applicants.
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