PROTECTED Act

[Congressional Bills 119th Congress] [From the U.S. Government Publishing Office] [S. 2352 Introduced in Senate (IS)] <DOC> 119th CONGRESS 1st Session S. 2352 To amend the Equal Credit Opportunity Act to modify the requirements associated with small business loan data collection, and for other purposes. _______________________________________________________________________ IN THE SENATE OF THE UNITED STATES July 17, 2025 Mrs. Britt (for herself and Mr. Boozman) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs _______________________________________________________________________ A BILL To amend the Equal Credit Opportunity Act to modify the requirements associated with small business loan data collection, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. 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 Act''. SEC. 2. SMALL BUSINESS LOAN DATA COLLECTION. Section 704B of the Equal Credit Opportunity Act (15 U.S.C. 1691c- 2) is amended-- (1) in subsection (c)-- (A) by striking ``Any applicant'' and inserting the following: ``(1) In general.--Any applicant''; and (B) by striking the period at the end and inserting the following: ``, and the financial institution may, when requesting such information, inform the applicant in writing that-- ``(A) the Bureau of Consumer Financial Protection requires the financial institution to ask, collect, and report such information to the Federal Government annually pursuant to this section; ``(B) the applicant's response will not affect the financial institution's evaluation of the request for credit; and ``(C) the applicant is not required to provide such information.''; and (2) in subsection (e)-- (A) in paragraph (2)-- (i) by striking subparagraphs (C), (G)