Repeal Small Business Loan Data Rules
Official: 1071 Repeal to Protect Small Business Lending Act
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.
1. This bill removes the requirement for financial institutions to collect data on small business loans. 2. It aims to reduce the costs that banks and credit unions face when complying with these data rules. 3. By eliminating these requirements, the bill seeks to make it easier for small businesses to get loans. 4. The bill targets the rules added by the Dodd-Frank Act that affect small business lending. 5. It focuses on supporting smaller financial institutions like community banks and credit unions.
Small business owners and employees who rely on loans for growth and operations.