1071 Repeal to Protect Small Business Lending Act

This bill would end the federal rule that makes lenders collect and report detailed data about small-business loan applications. It repeals the part of law added by the Dodd‑Frank Act (often called “section 1071”) that required banks, credit unions, and other lenders to track and send information on applications and outcomes to the Consumer Financial Protection Bureau. That data includes things like the number of applications, approvals, loan type and amount, and applicant details such as census tract, business revenue, and the owner’s race, sex, and ethnicity, especially for women‑owned or minority‑owned businesses . The bill states these reporting rules raise costs and hit smaller lenders hardest, which could make it harder for small businesses to get credit; repealing them is meant to lower burdens and support access to loans.

Key points:

• Who is affected: Small businesses seeking loans; banks, credit unions, and other lenders that make these loans.
• What changes: The data collection and reporting requirement for small‑business lending would be removed by repealing the relevant section of the Equal Credit Opportunity Act and related Dodd‑Frank provisions.
• Why: Supporters say the reporting rule raises compliance costs, especially for community lenders, and that removing it could improve access to credit for small businesses.