1071 Repeal to Protect Small Business Lending Act

House Bill

H.R. 976

119th Congress

1071 Repeal to Protect Small Business Lending Act

Placed on the Union Calendar, Calendar No. 65.

Introduced:Feb 4, 2025

Primary Sponsor

Kathy Castor

Representative

Democratic

FL-14

Cosponsors

52

Quick Stats

Policy Area

Finance and Financial Sector

Summary

This bill repeals Section 1071 of the Dodd-Frank Act, which requires financial institutions to collect and report data on small business loan applications including disposition, loan type, amounts, census tract, business revenue, and applicant demographics (race, sex, ethnicity). The data was intended to help identify lending discrimination against women-owned and minority-owned businesses.

Latest Action

Placed on the Union Calendar, Calendar No. 65.

AI Summary

Plain-English explanation of this bill

This bill repeals Section 1071 of the Dodd-Frank Act, which requires financial institutions to collect and report data on small business loan applications including disposition, loan type, amounts, census tract, business revenue, and applicant demographics (race, sex, ethnicity). The data was intended to help identify lending discrimination against women-owned and minority-owned businesses.

Last updated: 1/4/2026

Official Summary

Congressional Research Service summary

1071 Repeal to Protect Small Business Lending ActThis 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.

Key Points

Main provisions of the bill

Repeals small business lending data collection requirement
Eliminates Section 1071 of Dodd-Frank Act
Removes reporting to CFPB on loan applications
Ends collection of applicant demographic data
Originally designed to detect lending discrimination
Reduces compliance burden on financial institutions

How This Impacts Americans

Potential effects on citizens and communities

This bill would eliminate data collection designed to reveal discrimination in small business lending. Supporters argue the requirements create costly compliance burdens and privacy concerns. Critics contend the data is essential for enforcing fair lending laws and identifying disparities in credit access for minority and women-owned businesses. Without this data, regulators and researchers would lose visibility into whether small business lending is equitable across demographic groups.

Policy Areas

Primary Policy Area

Finance and Financial Sector

Related Subjects

Banking and financial institutions regulation

Consumer credit

Small business

Scope & Jurisdiction

Jurisdiction Level

federal

Congressional Session

119th Congress

Citation Reference

976, 119th Congress (2025). "1071 Repeal to Protect Small Business Lending Act". Source: Voter's Right Platform. https://votersright.org/bills/118-hr-976