Findings

Congress finds the following: (1) Section 704B of the Equal Credit Opportunity Act, as added by section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, imposes data collection and reporting requirements on financial institutions regarding small business loans. (2) These requirements have resulted in increased compliance costs for financial institutions, potentially reducing access to credit for small businesses. (3) The regulatory burdens created by these requirements disproportionately impact smaller financial institutions, such as community banks and credit unions, which are critical to small business lending. (4) Repealing these requirements will reduce regulatory barriers and support greater access to credit for small businesses.