Small Business Majority submits feedback to the House Committee on Financial Services to underscore importance of Sec. 1071

On March 31, Small Business Majority submitted a response to the House Committee on Financial Services’ request for feedback on several pieces of legislation, including a bill to repeal Section 1071 of the Dodd-Frank Act which requires financial institutions to collect and report data on small business lending. Our response urges the Committee to reconsider any efforts to repeal 1071, emphasizing its critical role in enhancing transparency and competition in small business lending which will expand access to capital for minority- and rural-owned businesses.