S 557
119th Congress
Senate
Finance and Financial Sector
Banking and financial institutions regulation
Consumer credit
Small business
1071 Repeal to Protect Small Business Lending Act
Introduced: February 12, 2025
Introduced by:
Kennedy, John
Republican
· Louisiana
See on congress.gov
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Feb 12, 2025
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Feb 12, 2025
Introduced in Senate
Plain-English 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.
What's happening now
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.