,,ii  #aaith ,,congress  #ast ,session  
,s4 #bceb  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,july #ag1     
#bjbe,mrs4 ,britt 7for herself and ,mr4 
,boozman7 introduced the following bill2
 which was read twice and referred to   
the ,committee on ,banking1 ,housing1   
and ,urban ,affairs  ,a ,,bill  ,to     
amend the ,equal ,credit ,opportunity   
,act to modify the requirements         
associated with small business loan data
 collection1 and for other purposes4    
#a4 ,short title ,this ,act may be cited
 as the ,preventing ,regulatory         
,overreach to ,empower ,communities to  
,thrive and ,ensure ,data ,privacy ,act 
or the ,,protected ,act4  #b4 ,small    
business loan data collection ,section  
#gjd;,b of the ,equal ,credit           
,opportunity ,act 7#ae ,u4,s4,c4        
#afia;c-#b7 is amended-- 7#a7 in        
subsection 7c7-- 7,a7 by striking ,any  
applicant and inserting the following3  
7#a7 ,in general ,any applicant  2 and  
7,b7 by striking the period at the end  

and inserting the following3 1 and the  
financial institution may1 when         
requesting such information1 inform the 
applicant in writing that-- 7,a7 the    
,bureau of ,consumer ,financial         
,protection requires the financial      
institution to ask1 collect1 and report 
such information to the ,federal        
,government annually pursuant to this   
section2  7,b7 the applicant's response 
will not affect the financial           
institution's evaluation of the request 
for credit2 and  7,c7 the applicant is  
not required to provide such            
information4  2 and  7#b7 in subsection 
7e7-- 7,a7 in paragraph 7#b7-- 7i7 by   
striking subparagraphs 7,c71 7,g71 and  
7,h72 and  7ii7 by redesignating        
subparagraphs 7,d71 7,e71 and 7,f7 as   
subparagraphs 7,c71 7,d71 and 7,e71     
respectively2  7,b7 in paragraph 7#d7-- 
7i7 by striking ,the and inserting the  
following3  7,a7 ,in general ,the  2 and
  7ii7 by adding at the end the         
following3  7,b7 ,rulemaking ,the       

,bureau shall1 before deleting or       
modifying data under this paragraph1 and
 after notice and an opportunity for    
comment1 issue rules that include a     
description of what modifications and   
deletions the ,bureau intends to make to
 the data and how such modifications and
 deletions will advance a privacy       
interest4  2 and  7,c7 by adding at the 
end the following3  7#e7 ,prohibition on
 information not reported by an         
applicant ,a financial institution may  
not compile and maintain information    
described under subsection 7b7 that was 
determined by the financial institution 
using visual observation or any other   
manner other than being provided by an  
applicant4  7#f7 ,treatment of response 
rate ,the percentage of applicants      
providing a financial institution with  
the information described under         
subsection 7b7 may not be used as a     
factor in determining whether a         
financial institution is in compliance  
with the requirements under this        

subsection4  7#g7 ,safe harbor ,the     
,bureau may not enforce compliance with 
the requirements of this subsection     
during the #b-year period beginning on  
the effective date described in         
paragraph 7#h74  7#h7 ,effective date   
,this subsection shall take effect on   
the date that is #c years after the date
 on which the ,bureau completes the     
cost-benefit analysis under chapter #f  
of part ,i of title #e1 ,united ,states 
,code 7commonly referred to as the      
,regulatory ,flexibility ,act7 and      
subchapter ,i of chapter #ce of title   
#dd1 ,united ,states ,code 7commonly    
referred to as the ,paperwork ,reduction
 ,act774  7#i7 ,definitions ,in this    
subsection3 7,a7 ,financial institution 
,the term financial institution-- 7i7   
means-- 7,i7 any partnership1 company1  
corporation1 association 7incorporated  
or unincorporated71 trust1 estate1      
cooperative organization1 or other      
entity that-- 7aa7 engages in any       
financial activity2 and  7bb7 in each of

 the preceding #b calendar years1       
originated not less than #b1ejj credit  
transactions for small businesses2 and  
7ii7 does not include-- 7,i7 any        
financial institution with less than    
#aj1jjj1jjj1jjj in assets2  7,,ii7 a    
,farm ,credit ,system institution       
chartered under and subject to the      
provisions of the ,farm ,credit ,act of 
#aiga 7#ab ,u4,s4,c4 #bjja et seq472    
7,,iii7 community development financial 
institutions1 as defined in section #ajc
 of the ,community ,development ,banking
 and ,financial ,institutions ,act of   
#aiid 7#ab ,u4,s4,c4 #dgjb72 or  7,,iv7 
lenders involved in equipment and       
vehicle financing4  7,b7 ,small business
 ,the term small business means an      
entity with gross annual revenues of not
 more than #a1jjj1jjj in the preceding  
fiscal year4  4