The bill would repeal the Equal Credit Opportunity Act requirements for financial institutions to collect and report data about small business loans. It would also remove related references from that Act and the Dodd-Frank Act.
Financial institutions would no longer have to follow these small business loan data collection and reporting requirements. The bill does not describe other changes for small businesses or borrowers.
The bill does not specify spending or costs to the public. Its findings say the requirements have increased compliance costs for financial institutions.
The bill's findings say repeal would reduce regulatory burdens, especially for smaller financial institutions, and support greater access to credit for small businesses.
No publicly available information.