Legislation to repeal Section 1071 of the Dodd-Frank Act, which amends small business data collection requirements in the Equal Credit Opportunity Act, has gained support from the financial industry.
Rep. Robert Pittenger (R-N.C.) introduced H.R. 4452, also known as the “Right to Lend Act of 2017.” If enacted, the bill would eliminate the statute requiring lenders to collect multiple data points from business loan applications and report to the government data on certain applications.
Read on to find out why many in the financial industry support this change.