S. 557 · 119th Congress
1071 Repeal to Protect Small Business Lending Act
- Stage
- In committee
- Sponsor
- John Kennedy
- Introduced
- 2025-02-12
- Latest action
- 2025-02-12 · Introduced in Senate
Summary
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.