H.R. 976 · Where this bill is now
Waiting for a House vote
Approved by committee May 6, 2025; no House vote yet
What this bill does
In plain words · AI-written from the official summaryStops small business lending data collection
Right now, banks and other financial institutions have to keep track of information about small business loan applications and report it to a government agency called the Consumer Financial Protection Bureau. They collect details like how many applications they get, which ones are approved or denied, loan amounts, and information about the applicants. This bill would end that requirement, so financial institutions would no longer have to gather or report this data.
How it affects you
Banks and other lenders would face less paperwork and fewer reporting requirements if this bill becomes law. Researchers and government agencies who currently use this data to study lending patterns to women-owned, minority-owned, and small businesses would no longer have access to it.
Read the official summary (Introduced in House, Feb 4, 2025)
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.
Written by AI (Claude) using only the official summary by the Congressional Research Service, the Library of Congress’s nonpartisan research staff. It can miss nuance, so check the official summary and the bill text for details.
1st SessionH. R. 976
A BILL
1071 Repeal to Protect Small Business Lending Act
Sponsor: Rep. Roger Williams (R-TX-25) · Introduced Feb 4, 2025 · Finance and Financial Sector · 2 versions of the text
Sources: Congress.gov actions and votes · bill text from GovInfo · latest official action May 6, 2025: “Placed on the Union Calendar, Calendar No. 65.”