To repeal the small business loan data collection requirements under the Equal Credit Opportunity Act.
Summary
What This Bill Does
The 1071 Repeal to Protect Small Business Lending Act repeals the small-business loan data collection requirements created by Dodd-Frank section 1071 and codified at Equal Credit Opportunity Act section 704B. The findings state that those requirements increase financial-institution compliance costs, may reduce small-business access to credit, and especially burden community banks and credit unions.
The operative section repeals section 704B, strikes Dodd-Frank section 1071, removes related table-of-contents entries, and deletes the ECOA provision that had referenced small-business loan data collection. The legal effect is broader than a delay: it removes the statutory basis for the CFPB small-business lending data regime.
Who Benefits and How
Community banks benefit from elimination of small-business lending data reporting duties. Credit unions benefit from lower compliance-system and staff burdens. Small-business lenders benefit from reduced data collection, validation, and submission work. Some small business borrowers may benefit if lenders preserve credit availability after compliance costs fall. CFPB-supervised lenders benefit from repeal rather than phased implementation.
Who Bears the Burden and How
CFPB small-business lending data staff lose the statutory data program. Fair-lending researchers lose application, pricing, demographic, and credit-outcome data that would have supported market monitoring. Civil rights credit advocates lose a tool for identifying discrimination in small-business lending. Congressional oversight staff lose a nationwide data source for small-business credit conditions. Borrowers in underserved markets may have less public evidence to challenge disparate treatment.
Key Provisions
- Repeals Equal Credit Opportunity Act section 704B.
- Repeals Dodd-Frank section 1071 and related table-of-contents entries.
- Removes the ECOA table-of-contents reference to small-business loan data collection.
- Provides findings that cite compliance costs for community banks and credit unions.
- Reduces statutory reporting burdens while eliminating a fair-lending data source.
Evidence Chain:
This summary is generated from the full bill text using AI analysis. Expand "Detailed Analysis" below for identified beneficiaries/burden bearers with clause-level evidence links.
At a Glance
What This Bill Does
Repeals Dodd-Frank section 1071 and Equal Credit Opportunity Act section 704B small-business loan data collection requirements, removing CFPB reporting duties for lenders while reducing fair-lending data available on small-business credit markets.
Key Policy Areas
Banking, Small Business Lending, Dodd-Frank, Fair Lending
Primary Purpose
Repeals Dodd-Frank section 1071 and Equal Credit Opportunity Act section 704B small-business loan data collection requirements, removing CFPB reporting duties for lenders while reducing fair-lending data available on small-business credit markets.
Policy Domains
House resolution provisions
Identified Gains
- Community banks
- Credit unions
- Small-business lenders
- Small business borrowers seeking credit
- CFPB-supervised lenders
Identified Costs
- CFPB small-business lending data staff
- Fair-lending researchers
- Civil rights credit advocates
- Congressional oversight staff
- Borrowers in underserved markets
Sponsors
Legislative Progress
ReportedAdditional sponsors: Ms. Hageman, Mr. Murphy, Mr. Graves, Mr. Guest, …
Reported with an amendment, committed to the Committee of the …
Mr. Williams of Texas (for himself, Mr. Huizenga, Mr. Flood, …
Stakeholder Effects
cui bono?How this legislation distributes effects. Mention counts reflect frequency, not effect magnitude.
Community banks, Credit unions, Small-business lenders
Civil rights credit advocates, Fair-lending researchers
Bill Structure & Actor Mappings
Who is "The Secretary" in each section?
- "cfpb"
- → Consumer Financial Protection Bureau
We use a combination of our own taxonomy and classification in addition to large language models to assess meaning and potential beneficiaries. High confidence means strong textual evidence. Always verify with the original bill text.
Learn more about our methodology