1071 Repeal to Protect Small Business Lending Act

This bill proposes to repeal the small business loan data collection and reporting requirements established under Section 704B of the Equal Credit Opportunity Act, which were originally added by Section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The legislation's proponents argue that these requirements have led to increased compliance costs for financial institutions , potentially reducing the availability of credit for small businesses. It specifically notes the disproportionate impact on smaller financial institutions, such as community banks and credit unions, which are critical for local small business lending. By eliminating these regulatory burdens, the bill aims to support greater access to credit for small businesses and reduce barriers for lenders. The repeal includes conforming amendments to both the Dodd-Frank Act and the Equal Credit Opportunity Act to fully remove these provisions.