CONGRESS FOR VOTERS

RepublicanBill · S. 557· Senate(119-S-557)

1071 Repeal to Protect Small Business Lending Act

Rep. Kennedy
Age: 75 years
Louisiana
Introduced
2/12/2025
Last activity
2/12/2025 — Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Sponsored by
John Kennedy
Cosponsors
Republican - 15Democrat - 0
Finance and Financial Sector
  1. Introduced
  2. In Committee

What this bill would do

This bill, titled the "1071 Repeal to Protect Small Business Lending Act," aims to repeal the small business loan data collection requirements currently found in the Equal Credit Opportunity Act. It specifically targets Section 704B, which was added by section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The legislation seeks to remove the obligation for financial institutions to collect and report data regarding small business loans. By doing so, it intends to reduce regulatory burdens and compliance costs.

Yes

  • Would business owners be better off under this?+7

    Business owners may benefit from easier access to credit due to reduced regulatory burdens on their lenders.

  • Does this make it easier to run a small business?+6

    The bill seeks to increase access to credit by removing regulatory barriers and data collection requirements for small businesses.

The opposite

  • Does this narrow racial gaps in how people are treated?-4

    Repealing small business loan data collection may reduce the ability to monitor and address racial disparities in lending.

  • Would Black Americans be better off under this?-3

    The removal of loan data collection requirements could limit the transparency needed to ensure equitable lending to minority-owned businesses.

  • Would Hispanic Americans be better off under this?-3

    The loss of required loan data may reduce the ability to identify and mitigate credit access disparities for Hispanic entrepreneurs.