H.R. 976

119th CONGRESS 1st Session

To repeal the small business loan data collection requirements under the Equal Credit Opportunity Act.

IN THE HOUSE OF REPRESENTATIVES · February 4, 2025 · Sponsor: Mr. Williams of Texas · Committee: Committee on Financial Services

SEC. 1. Short title

Congress finds the following:
- Section 704B of the Equal Credit Opportunity Act, as added by section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, imposes data collection and reporting requirements on financial institutions regarding small business loans.
- These requirements have resulted in increased compliance costs for financial institutions, potentially reducing access to credit for small businesses.
- The regulatory burdens created by these requirements disproportionately impact smaller financial institutions, such as community banks and credit unions, which are critical to small business lending.
- Repealing these requirements will reduce regulatory barriers and support greater access to credit for small businesses.

(a) In general
- Section 704B of the Equal Credit Opportunity Act () is repealed. 15 U.S.C. 1691c–2
(b) Conforming amendments
- (1) Dodd-Frank Wall Street Reform and Consumer Protection Act
  - The Dodd-Frank Wall Street Reform and Consumer Protection Act () is amended— 12 U.S.C. 5301 et seq.
    - in the table of contents in section 1(b) of such Act, by striking the item relating to section 1071; and
    - by striking section 1071.
- (2) Equal Credit Opportunity Act
  - The Equal Credit Opportunity Act () is amended— 15 U.S.C. 1691 et seq.
    - in the table of contents for such Act, by striking the item relating to section 704B; and
    - in section 701(b)—
      - (i) in paragraph (3), by adding at the end; or
      - (ii) in paragraph (4), by striking and inserting a period; and
      - (iii) by striking paragraph (5).