PROTECTED Act
The source supplies the latest action, but no lifecycle stage.
Latest action (17 Jul 2025): Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
What this bill does
The PROTECTED Act would amend the Equal Credit Opportunity Act's small business loan data collection requirements (commonly known as Section 1071 rules). It would allow lenders to tell loan applicants, in writing, that providing demographic and business information is required by the Consumer Financial Protection Bureau, will not affect credit decisions, and is optional for the applicant. The bill would also remove several existing data categories from collection, require the Bureau to issue rules with public notice and comment before further modifying or deleting data categories, bar lenders from collecting this information through visual observation rather than applicant self-reporting, and prevent applicant response rates from being used to judge a lender's compliance. It creates a two-year enforcement safe harbor and delays the rule's effective date until three years after the Bureau completes required cost-benefit, regulatory flexibility, and paperwork-burden analyses.
The bill primarily affects larger financial institutions—those with at least $10 billion in assets that originate 2,500 or more small business credit transactions annually—while exempting smaller institutions, Farm Credit System lenders, community development financial institutions, and equipment/vehicle financers. It also affects small businesses, defined as those with $1 million or less in annual revenue, applying for credit from covered lenders.
The bill was introduced July 17, 2025, by Senator Katie Britt with Senator Boozman as a cosponsor, and referred to the Senate Banking, Housing, and Urban Affairs Committee. It has not yet received a committee vote or further action.
Plain-English summary generated by Bill100 AI from the official record. Always verify against the source below.
Timeline
17 Jul 2025
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Common questions
- What does S. 2352 do?
- The PROTECTED Act would amend the Equal Credit Opportunity Act's small business loan data collection requirements (commonly known as Section 1071 rules). It would allow lenders to tell loan applicants, in writing, that providing demographic and business information is required by the Consumer Financial Protection Bureau, will not affect credit decisions, and is optional for the applicant. The bill would also remove several existing data categories from collection, require the Bureau to issue rules with public notice and comment before further modifying or deleting data categories, bar lenders from collecting this information through visual observation rather than applicant self-reporting, and prevent applicant response rates from being used to judge a lender's compliance. It creates a two-year enforcement safe harbor and delays the rule's effective date until three years after the Bureau completes required cost-benefit, regulatory flexibility, and paperwork-burden analyses. The bill primarily affects larger financial institutions—those with at least $10 billion in assets that originate 2,500 or more small business credit transactions annually—while exempting smaller institutions, Farm Credit System lenders, community development financial institutions, and equipment/vehicle financers. It also affects small businesses, defined as those with $1 million or less in annual revenue, applying for credit from covered lenders. The bill was introduced July 17, 2025, by Senator Katie Britt with Senator Boozman as a cosponsor, and referred to the Senate Banking, Housing, and Urban Affairs Committee. It has not yet received a committee vote or further action.
- Has S. 2352 become law?
- The source does not supply a confirmed lifecycle stage for S. 2352. Check the latest action and official source below.
- Who sponsored S. 2352?
- S. 2352 was sponsored by Sen. Britt, Katie Boyd [R-AL] (R-AL), with 1 cosponsor.
- What's the latest action on S. 2352?
- Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (17 Jul 2025).
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