Search Results: keywords:"data collection repeal"

  • S. 557 — To repeal the small business loan data collection requirements under the Equal Credit Opportunity Act.
    Status:Introduced in Senate
    Words:556

    S. 557, titled the “1071 Repeal to Protect Small Business Lending Act,” aims to remove certain data collection requirements imposed on financial institutions by the Equal Credit Opportunity Act. These requirements, established by the Dodd-Frank Act, involve collecting data on small business...

    Simple Explanation

    S. 557 is a proposal to stop asking banks for a lot of extra information before they give loans to small businesses. The idea is that this will make it easier and cheaper for banks to give loans to small businesses, but some people worry it might make it harder to know if banks are being fair when they decide who gets a loan.

  • H. R. 976 — To repeal the small business loan data collection requirements under the Equal Credit Opportunity Act.
    Status:Introduced in House
    Words:617

    H.R. 976 proposes to repeal a specific section of the Equal Credit Opportunity Act that requires financial institutions to collect and report data on small business loans. These requirements were initially added by the Dodd-Frank Act and have led to increased compliance...

    Simple Explanation

    In H.R. 976, someone thought that asking banks to write down a lot of details when they give money to small businesses was too much work for the banks. So, this bill wants to stop making them do that, hoping it will make it easier for small businesses to get money from the banks.