Banks and credit unions would no longer have to collect and report detailed data on small business loan applications. That could lower lender paperwork, but it would also leave less public information about who gets small business credit.
Modern Action explains what the legislation does, helps you choose whether to support, oppose, or ask for changes, and drafts a message tied to the bill, your stance, and the elected officials who can act on it.
1071 Repeal to Protect Small Business Lending Act is a Senate bill in committee. The latest recorded action: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Latest action on S. 557: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Who this affects: This bill mainly affects lenders that make small business loans and the small businesses that apply for those loans. Banks, credit unions, and other financial institutions would have less federal reporting work. Small business owners could face fewer data questions, but the bill does not promise easier approval or lower loan costs. Regulators, researchers, and the public would have less standard data to study small business lending patterns.
Why this matters: This bill matters because it trades less paperwork for lenders for less public data about small business lending. The current rule helps show who applies for credit and who receives it. That can help spot gaps in lending by business size, type, or ownership. Ending the rule could lower costs for lenders, but the bill does not say whether those savings would lead to more loans.
You do not have to start with a blank letter. Modern Action turns the bill, your position, and the relevant congressional context into a message you can edit and send. The goal is to make contacting Congress clear, specific, and useful without forcing you to parse bill text or figure out the right office on your own.
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Officially: 1071 Repeal to Protect Small Business Lending Act
Banks and credit unions would no longer have to collect and report detailed data on small business loan applications. That could lower lender paperwork, but it would also leave less public information about who gets small business credit.
Use this page to support, oppose, or ask Congress to amend S557. Modern Action explains what the bill does, helps identify the right senators or representative, and drafts a bill-specific message you can edit and send.
Where it stands
Sitting in Banking
No vote scheduled. Constituent contact is what moves bills out of committee.
↓ Why your message matters here
This bill is sitting in committee with no scheduled vote — which means a small number of constituent messages can decide whether it moves forward or quietly dies.
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Where this bill is in the process
Introduced
Introduced in Senate
Senate Committee
Under Senate committee consideration
Latest: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (2/12/2025)
Senate Floor Vote
Voted on by Senate
Passed Senate
Approved by Senate
House Review
Sent to House for consideration
Passed Both Chambers
Approved by both House and Senate
Signed into Law
Signed by the President
For more detail
Choose one clear position: support, oppose, or amend. Then pick any reasons or personal context you want included. Modern Action uses that input and the bill context to draft a message you can edit and send.
Congressional offices prioritize messages from their own constituents. Modern Action uses your address to route the drafted message to your senators when that is the most relevant target for this bill.
The draft includes the bill number, your position, the reasons you selected, any personal context you added, and a direct ask such as voting yes, voting no, cosponsoring, opposing, or seeking changes. You stay in control because you can edit the message before sending.
This page gives you an opportunity to support, oppose, or ask for changes to 1071 Repeal to Protect Small Business Lending Act, then contact the elected officials who can act. Modern Action drafts the message from your position and the reasons you select.
Modern Action keeps the action tied to the bill itself: what it does, where it is in the process (committee), which office can still act, and what ask belongs in the message.
You are not starting from a blank form. Modern Action drafts the message around S557, your stance, and the reasons you choose, then lets you edit and send when ready.
