Legislation Search

H.R. 976: 1071 Repeal to Protect Small Business Lending Act

The 1071 Repeal to Protect Small Business Lending Act seeks to eliminate certain data collection requirements imposed on financial institutions regarding small business loans. Specifically, it proposes to repeal Section 704B of the Equal Credit Opportunity Act, which was established by Section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act.

Key Points of the Bill

This legislation aims to remove the obligations for financial institutions to collect and report specific data about small business loans.
It argues that the existing data collection requirements lead to higher compliance costs for financial institutions, which may limit access to credit for small businesses.
Smaller financial institutions, such as community banks and credit unions, are particularly affected, as they have fewer resources to manage these reporting obligations.
Repealing these requirements is proposed to reduce regulatory burdens on these institutions and, as a result, encourage more lending to small businesses.

Provisions of the Bill

The bill includes provisions to:

Repeal the existing data collection obligations under the Equal Credit Opportunity Act related to small business lending.
Amend the Dodd-Frank Act to remove references to the data collection requirements specified in Section 1071.
Modify the Equal Credit Opportunity Act to ensure that the repealed section is no longer referenced within the law.

Impact of the Bill

The intention behind the repeal is to support greater access to loans for small businesses by alleviating the regulatory hurdles faced by lenders. Proponents suggest that reducing compliance costs may lead to increased lending activity from financial institutions to small businesses. However, there may be discussions on the potential impact of reduced data collection on transparency and monitoring of lending practices.

Relevant Companies

USB - U.S. Bancorp: A major bank that may experience changes in compliance costs and lending operations if the bill is passed.
PNC - PNC Financial Services: Might be directly impacted by the repeal as it can lead to lowered compliance costs and potentially increased small business lending.
CFG - Citizens Financial Group: As a bank lending primarily to smaller businesses, it may benefit from reduced regulatory burdens.

This is an AI-generated summary of the bill text. There may be mistakes.

Actions

6 actions

Date	Action
May. 06, 2025	Placed on the Union Calendar, Calendar No. 65.
May. 06, 2025	Reported (Amended) by the Committee on Financial Services. H. Rept. 119-91.
Apr. 02, 2025	Committee Consideration and Mark-up Session Held
Apr. 02, 2025	Ordered to be Reported in the Nature of a Substitute by the Yeas and Nays: 27 - 22.
Feb. 04, 2025	Introduced in House
Feb. 04, 2025	Referred to the House Committee on Financial Services.

Corporate Lobbying

5 companies lobbying

Potentially Relevant Congressional Stock Trades

Estimated excess return of the underlying stock since the transaction

Politician	Stock	Transaction	Filed	Traded
Robert Bresnahan R / House	HBAN HUNTINGTON BANCSHARES INCORPORATED - COMMON STOCK	Sale $1,001 - $15,000	May 08, 2025	Apr 08, 2025	+8.30%
Jefferson Shreve R / House	CFG CITIZENS FINANCIAL GROUP, INC. COMMON STOCK	Sale $15,001 - $50,000	May 08, 2025	Apr 07, 2025	+0.40%
Jefferson Shreve R / House	PSX PHILLIPS 66 COMMON STOCK	Purchase $15,001 - $50,000	May 08, 2025	Apr 07, 2025	+2.95%
Carol D. Miller R / House	USB U.S. BANCORP COMMON STOCK	Sale $1,001 - $15,000	Apr 11, 2025	Mar 10, 2025	-1.44%
Julie Johnson D / House	PNC PNC FINANCIAL SERVICES GROUP, INC.	Sale $1,001 - $15,000	Apr 14, 2025	Mar 03, 2025	-8.76%
Julie Johnson D / House	PNC PNC FINANCIAL SERVICES GROUP, INC.	Sale $1,001 - $15,000	Mar 12, 2025	Feb 24, 2025	-5.42%
Shelley Moore Capito R / Senate	PSX Phillips 66	Sale (Partial) $1,001 - $15,000	Feb 13, 2025	Jan 17, 2025	-2.37%
Greg Landsman D / House	PSX PHILLIPS 66 COMMON STOCK	Sale $15,001 - $50,000	Nov 14, 2024	Oct 15, 2024	-12.90%
John James R / House	PNC PNC FINANCIAL SERVICES GROUP, INC.	Sale $1,001 - $15,000	Sep 06, 2024	Sep 04, 2024	-11.17%
Jared Moskowitz D / House	PNC PNC FINANCIAL SERVICES GROUP, INC.	Sale $1,001 - $15,000	Aug 06, 2024	Jul 05, 2024	+4.62%
Jared Moskowitz D / House	PNC PNC FINANCIAL SERVICES GROUP, INC.	Sale $1,001 - $15,000	Aug 19, 2024	Jul 05, 2024	+4.62%
Jared Moskowitz D / House	PNC PNC FINANCIAL SERVICES GROUP, INC.	Sale $1,001 - $15,000	Aug 06, 2024	Jul 01, 2024	+3.13%
Mike Kelly R / House	USB U.S. BANCORP COMMON STOCK	Sale $1,001 - $15,000	Jun 14, 2024	Apr 11, 2024	-8.71%
Kathy E. Manning D / House	CFG CITIZENS FINANCIAL GROUP, INC.	Purchase $15,001 - $50,000	Feb 06, 2024	Jan 23, 2024	+1.87%
Kathy E. Manning D / House	CFG CITIZENS FINANCIAL GROUP, INC.	Purchase $1,001 - $15,000	Feb 06, 2024	Jan 23, 2024	+1.87%
Tommy Tuberville R / Senate	CFG Citizens Financial Group, Inc. Common Stock	Sale (Full) $15,001 - $50,000	Feb 14, 2024	Jan 19, 2024	+3.04%
Jerry Moran R / Senate	USB U.S. Bancorp Common Stock	Sale (Full) $1,001 - $15,000	Jan 17, 2024	Dec 14, 2023	-26.88%
Jerry Moran R / Senate	USB U.S. Bancorp Common Stock	Sale (Full) $1,001 - $15,000	Jan 17, 2024	Dec 14, 2023	-26.88%
Kathy E. Manning D / House	CFG CITIZENS FINANCIAL GROUP, INC.	Sale $15,001 - $50,000	Jan 12, 2024	Dec 12, 2023	+11.91%
Kathy E. Manning D / House	CFG CITIZENS FINANCIAL GROUP, INC.	Sale $1,001 - $15,000	Jan 12, 2024	Dec 12, 2023	+11.91%
Kathy E. Manning D / House	CFG CITIZENS FINANCIAL GROUP, INC.	Sale $1,001 - $15,000	Jan 12, 2024	Dec 12, 2023	+11.91%
John James R / House	PNC PNC FINANCIAL SERVICES GROUP, INC.	Purchase $1,001 - $15,000	Sep 02, 2024	Nov 10, 2023	+10.10%
Pete Ricketts R / Senate	PNC PNC Financial Services Group, Inc. (The) Common St	Sale (Full) $50,001 - $100,000	Oct 20, 2023	Sep 21, 2023	+5.90%
Lois Frankel D / House	POR PORTLAND GENERAL ELECTRIC CO	Sale $1,001 - $15,000	Oct 10, 2023	Sep 08, 2023	-29.53%
Lois Frankel D / House	PNC PNC FINANCIAL SERVICES GROUP, INC.	Sale $1,001 - $15,000	Oct 10, 2023	Sep 08, 2023	+15.65%
Shelley Moore Capito R / Senate	USB U.S. Bancorp	Sale (Full) $1,001 - $15,000	Oct 14, 2023	Sep 01, 2023	-11.71%
Dan Sullivan R / Senate	PNC PNC Financial Services Group, Inc. (The) Common St	Sale (Full) $1,001 - $15,000	Sep 18, 2023	Aug 22, 2023	+11.02%
Robert J. Wittman R / House	PSX PHILLIPS 66	Sale $1,001 - $15,000	Sep 30, 2023	Aug 17, 2023	-31.78%
Michael C. Burgess R / House	PSX PHILLIPS 66	Sale $15,001 - $50,000	Aug 08, 2023	Jul 21, 2023	-19.90%
Daniel S. Goldman D / House	USB U.S. BANCORP	Sale $15,001 - $50,000	Aug 13, 2023	Jul 12, 2023	-6.89%
Daniel S. Goldman D / House	CFG CITIZENS FINANCIAL GROUP, INC.	Sale $15,001 - $50,000	Aug 13, 2023	Jul 12, 2023	+12.59%
Rick Larsen D / House	PNC CONTRACT PNC FINANCIAL SERVICES GROUP, INC.	Sale $1,001 - $15,000	Jul 17, 2023	Jul 05, 2023	+4.35%
Tommy Tuberville R / Senate	CFG Citizens Financial Group, Inc. Common Stock	Purchase $1,001 - $15,000	Jul 14, 2023	Jun 12, 2023	+12.62%
Zoe Lofgren D / House	USB U.S. BANCORP	Sale $1,001 - $15,000	Jun 06, 2023	May 26, 2023	+2.60%
Tommy Tuberville R / Senate	CFG Citizens Financial Group, Inc. Common Stock	Purchase $1,001 - $15,000	Jun 15, 2023	May 08, 2023	+15.08%