This bill amends the Equal Credit Opportunity Act to significantly modify requirements for small business loan data collection . It permits financial institutions to inform applicants in writing that the Bureau of Consumer Financial Protection requires the data, that providing it will not affect their credit evaluation, and that they are not required to provide the information . Furthermore, the bill prohibits financial institutions from compiling and maintaining applicant information through visual observation or any other method not directly provided by the applicant. The legislation removes certain data fields from collection requirements and mandates that the Bureau of Consumer Financial Protection issue rules, after notice and comment, before modifying or deleting collected data, detailing how such actions advance privacy interests. The percentage of applicants providing this information cannot be used as a factor in determining a financial institution's compliance, and a safe harbor is established, preventing enforcement for two years after the effective date, which is three years after the Bureau completes a required cost-benefit analysis. The bill also refines the definitions for both "financial institution," generally including those originating at least 2,500 small business credit transactions annually but excluding several types of entities, and "small business," defined as an entity with gross annual revenues of not more than $1,000,000.