Bill
HR 976
Repeals 704B/1071 small-business loan data reporting, removing demographic data collection by lenders and potentially reducing transparency, credit access, and CFPB oversight.
Status & Sponsor
- Introduced: February 4, 2025, by Rep. Roger Williams (R–TX). Reported (amended) by the House Committee on Financial Services (H. Rept. 119‑91) on May 6, 2025. Placed on the Union Calendar (Calendar No. 65) on May 6, 2025. Committee vote to report (amended) was 27–22 (Apr. 2, 2025).
- Several Republican members served as cosponsors. A companion bill (S. 557) is listed.
Purpose
- To repeal the small‑business loan data collection and reporting requirements added by Section 1071 of the Dodd‑Frank Wall Street Reform and Consumer Protection Act (commonly cited as Section 704B of the Equal Credit Opportunity Act, 15 U.S.C. 1691c–2). The bill’s stated intent is to eliminate what proponents describe as regulatory burdens that increase compliance costs and may reduce small‑business access to credit.
Key Provisions
- Repeal: Section 704B of the Equal Credit Opportunity Act (15 U.S.C. 1691c–2) is repealed, removing the statutory authority that requires financial institutions to collect and report specified data about small business credit applications (including demographic indicators such as women‑ or minority‑ownership).
- Conforming Amendments:
- Strikes Section 1071 from the Dodd‑Frank Act and removes the related item in the Dodd‑Frank table of contents.
- Removes the corresponding table‑of‑contents entry in the Equal Credit Opportunity Act and adjusts section 701(b) of that Act to eliminate cross‑references created by Section 704B.
Congressional Findings (selected)
- The report states that Section 1071 increased compliance costs, disproportionately impacted smaller lenders (community banks, credit unions), raised privacy concerns, and could reduce credit availability to Main Street small businesses. The report also notes CFPB authority under Section 1071 to request additional data and that litigation and a judicial stay (Fifth Circuit stay in March 2025) challenged CFPB’s implementing rule.
Who Would Be Affected
- Financial institutions that would have been subject to the data collection and reporting rule (community banks, credit unions, regional and national lenders).
- Small businesses and small‑business loan applicants, who would no longer have demographic data about applications systematically collected and reported.
- The Consumer Financial Protection Bureau (CFPB), whose statutory authority to collect and analyze this dataset would be removed.
- Researchers, regulators, and civil‑rights or small‑business advocates who rely on loan‑level demographic data to monitor access and detect discriminatory lending patterns.
Procedural/Timing Notes
- Introduced Feb. 4, 2025; Committee mark‑up Feb./Apr. 2025 with a reported (amended) report (H. Rept. 119‑91) filed May 6, 2025. Placed on the Union Calendar May 6, 2025. Additional House procedural entries in late May 2025 indicate various placement and adoption steps for associated resolution language; final enactment status should be verified with updated Congressional records.
Potential Impacts and Considerations
- Supporters argue repeal reduces compliance costs for lenders and protects small lenders from burdens that could reduce credit availability.
- Opponents and consumer/advocacy groups may argue repeal reduces transparency, removes a tool to monitor and address discriminatory or unequal lending to minority‑ and women‑owned small businesses, and limits data for policymakers and researchers.
- The bill removes statutory authority but does not itself change past data already collected; implementation and transition issues (e.g., handling of any data already gathered or rules already issued) would depend on regulatory and legal actions following repeal.
For current status or text updates, consult the official Congressional Record or Congress.gov entry for H.R. 976 (119th Congress).
Compiled from official sources — confirm details with the bill’s official record.
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