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Ending Small Business Loan Data Collection: Easier Access to Credit.

This act repeals the requirement for financial institutions to collect data on small business loans. This aims to reduce compliance costs for banks, potentially making it easier for small businesses to access credit and fostering their growth.
Key points
Banks and other financial institutions will no longer be required to collect detailed data on loans made to small businesses.
The change is intended to lower operating costs for banks, especially smaller ones, which could lead to greater availability of credit for small businesses.
Reduced regulatory burdens may encourage banks to lend more frequently to small businesses, supporting their operations and job creation.
article Official text account_balance Process page
Introduced
Citizen Poll
No votes cast
Additional Information
Print number: 119_S_557
Sponsor: Sen. Kennedy, John [R-LA]
Process start date: 2025-02-12
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

1071 Repeal to Protect Small Business Lending Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 119_S_557.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2025-02-12.

What are the main provisions?

Key points include:

  • Banks and other financial institutions will no longer be required to collect detailed data on loans made to small businesses.
  • The change is intended to lower operating costs for banks, especially smaller ones, which could lead to greater availability of credit for small businesses.
  • Reduced regulatory burdens may encourage banks to lend more frequently to small businesses, supporting their operations and job creation.
What is the specific legal status?

The current status is Introduced.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Sen. Kennedy, John [R-LA].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-23.

CATEGORIES

Economy