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119-s-557119th CongressWALLET

1071 Repeal to Protect Small Business Lending Act

Sponsored By: Senator Kennedy, John [R-LA]

Introduced

Summary

Repeal of small business loan data collection. This bill would remove the requirement that lenders collect and report loan-application details for women-owned, minority-owned, and small businesses to the Consumer Financial Protection Bureau.

Show full summary
  • Small businesses: The bill's findings say repealing the rule will reduce regulatory burdens and support greater access to credit for small businesses.
  • Smaller lenders: The findings say the reporting imposes compliance costs that disproportionately affect community banks and credit unions.
  • Data covered: It would end collection and reporting of application counts, dispositions, loan type, amount applied for, amount approved, and applicant census tract, revenue, race, sex, and ethnicity.
  • Legal fixes: The bill makes conforming edits to the Dodd-Frank Act and the Equal Credit Opportunity Act by striking Section 1071 and related references.

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Bill Overview

Analyzed Economic Effects

1 provisions identified: 0 benefits, 0 costs, 1 mixed.

Repeal of small-business loan reporting

This bill would repeal the federal rule that required banks and lenders to collect and report standard small-business loan data. If enacted, lenders would no longer have to file those reports. Lenders would likely see lower paperwork and compliance costs. Small-business owners and communities would lose a public data source used to watch lending patterns and possible discrimination. The change would take effect upon enactment.

Sponsors & CoSponsors

Sponsor

Kennedy, John [R-LA]

LA • R

Cosponsors

  • Sen. Hyde-Smith, Cindy [R-MS]

    MS • R

    Sponsored 2/12/2025

  • Sen. Ernst, Joni [R-IA]

    IA • R

    Sponsored 2/12/2025

  • Sen. Boozman, John [R-AR]

    AR • R

    Sponsored 2/12/2025

  • Sen. Wicker, Roger F. [R-MS]

    MS • R

    Sponsored 2/12/2025

  • Sen. Barrasso, John [R-WY]

    WY • R

    Sponsored 2/12/2025

  • Sen. Rounds, Mike [R-SD]

    SD • R

    Sponsored 2/12/2025

  • Sen. Daines, Steve [R-MT]

    MT • R

    Sponsored 2/12/2025

  • Sen. Cruz, Ted [R-TX]

    TX • R

    Sponsored 2/12/2025

  • Sen. Ricketts, Pete [R-NE]

    NE • R

    Sponsored 2/13/2025

  • Sen. Britt, Katie Boyd [R-AL]

    AL • R

    Sponsored 2/18/2025

  • Sen. Husted, Jon [R-OH]

    OH • R

    Sponsored 3/3/2025

  • Sen. Moran, Jerry [R-KS]

    KS • R

    Sponsored 3/31/2025

  • Sen. Grassley, Chuck [R-IA]

    IA • R

    Sponsored 4/28/2025

  • Sen. Crapo, Mike [R-ID]

    ID • R

    Sponsored 5/22/2025

  • Sen. Risch, James E. [R-ID]

    ID • R

    Sponsored 6/2/2025

Roll Call Votes

No roll call votes available for this bill.

View on Congress.gov
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