S.557

Repeals small business loan data collection requirements under the Equal Credit Opportunity Act.

The 1071 Repeal to Protect Small Business Lending Act seeks to repeal the small business loan data collection requirements under the Equal Credit Opportunity Act. Congress finds that these requirements, added by the Dodd-Frank Wall Street Reform and Consumer Protection Act, have increased compliance costs for financial institutions, potentially reducing access to credit for small businesses. The bill aims to reduce regulatory barriers and support greater access to credit for small businesses by repealing these requirements.