1071 Repeal to Protect Small Business Lending Act
- Bill Number
- S. 557
- Origin Chamber
- Senate
- Congress
- 119th Congress, Session 1
- Policy Area
- Finance and Financial Sector
- Status
- Introduced
- Latest Action
- 2025-02-12: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- Last Updated
- 2025-12-06T07:05:17Z
Official 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.
Sponsor
Cosponsors (15)
Sen. Hyde-Smith, Cindy [R-MS], Sen. Ernst, Joni [R-IA], Sen. Boozman, John [R-AR], Sen. Wicker, Roger F. [R-MS], Sen. Barrasso, John [R-WY], Sen. Rounds, Mike [R-SD], Sen. Daines, Steve [R-MT], Sen. Cruz, Ted [R-TX], Sen. Ricketts, Pete [R-NE], Sen. Britt, Katie Boyd [R-AL], Sen. Husted, Jon [R-OH], Sen. Moran, Jerry [R-KS], Sen. Grassley, Chuck [R-IA], Sen. Crapo, Mike [R-ID], Sen. Risch, James E. [R-ID]
Recent Actions
- 2025-02-12: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- 2025-02-12: Introduced in Senate
Bill Versions
- 1071 Repeal to Protect Small Business Lending Act — issued 2025-02-12 — PDF (3 pages)