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US HB976
Bill
Status
Introduced
2/4/2025
Primary Sponsor
Roger Williams
Click for details
AI Summary
- Repeals Section 704B of the Equal Credit Opportunity Act, which requires financial institutions to collect and report data on small business loan applications
- Eliminates Section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, the provision that originally created these data collection requirements
- Makes conforming amendments to remove references to the repealed sections from both the Equal Credit Opportunity Act and the Dodd-Frank Act
- Cites reducing compliance costs for community banks and credit unions as justification for the repeal
- Introduced February 4, 2025 with over 50 Republican co-sponsors; reported with amendment from Financial Services Committee on May 6, 2025
Legislative Description
1071 Repeal to Protect Small Business Lending Act
Finance and financial sector
Last Action
Placed on the Union Calendar, Calendar No. 65.
5/6/2025
Committee Referrals
Financial Services2/4/2025
Full Bill Text
No bill text available