S. 557: 1071 Repeal to Protect Small Business Lending Act
A Senate bill (S.) in the 119th U.S. Congress.
Overview
| Congress | 119th U.S. Congress (2025–2026) |
|---|---|
| Type | Senate bill (S.) |
| Originating chamber | Senate |
| Introduced | 2025-02-12 |
| Sponsor | Sen. Kennedy, John [R-LA] |
| Policy area | Finance and Financial Sector |
| Cosponsors | 15 |
| Latest action | 2025-02-12 — Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. |
| Last updated | 2025-12-06 |
Summary
Official summary (Introduced in Senate, 2025-02-12):
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.
Cosponsors (15)
| Name | Party / state |
|---|---|
| Cindy Hyde-Smith | R MS (original cosponsor) 2025-02-12 |
| Joni Ernst | R IA (original cosponsor) 2025-02-12 |
| John Boozman | R AR (original cosponsor) 2025-02-12 |
| Roger F. Wicker | R MS (original cosponsor) 2025-02-12 |
| John Barrasso | R WY (original cosponsor) 2025-02-12 |
| Mike Rounds | R SD (original cosponsor) 2025-02-12 |
| Steve Daines | R MT (original cosponsor) 2025-02-12 |
| Ted Cruz | R TX (original cosponsor) 2025-02-12 |
| Pete Ricketts | R NE 2025-02-13 |
| Katie Boyd Britt | R AL 2025-02-18 |
| Jon Husted | R OH 2025-03-03 |
| Jerry Moran | R KS 2025-03-31 |
| Chuck Grassley | R IA 2025-04-28 |
| Mike Crapo | R ID 2025-05-22 |
| James E. Risch | R ID 2025-06-02 |
Full text & official record
The official bill text, section-by-section summary, amendments, committee reports, and the complete legislative timeline for S. 557 are published by Congress on congress.gov.
Frequently asked questions
What is S. 557?
S. 557 is a Senate bill (S.) introduced in the 119th U.S. Congress, originating in the Senate. Official title: 1071 Repeal to Protect Small Business Lending Act.
Where can I read the full bill text?
The full text, cosponsors, amendments, and legislative status for S. 557 are available on congress.gov.
Bill data: congress.gov API (official congressional records).