This bill repeals rules that require banks to collect data on small business loans, aiming to make it easier for these businesses to access credit. It is designed to reduce costs for financial institutions, especially smaller ones, which can help boost lending to small businesses.
1071 Repeal to Protect Small Business Lending Act This bill repeals the statute that requires financial institutions to collect data regarding applications for women-owned, minority-owned, or small business loans. Currently, financial institutions must collect and report to the Consumer Financial Protection Bureau information on (1) how many applications were received; (2) the disposition of each application; (3) the type of loan; (4) the amount applied for; (5) the amount approved; and (6) each applicant’s census tract, revenue, race, sex, and ethnicity.
