Defend the Equal Credit Opportunity Act

Today I take pen in hand to write and urge you to oppose any bills that weaken the ECOA. This includes opposing the most recent public versions of the “1071 Repeal to Protect Small Business Lending Act”   One of the Republican Congress’s very first legislative priorities appears to be repealing or weakening a key addition to the Equal Credit Opportunity Act (ECOA), one of our country’s landmark civil rights laws.   As you know, the Act was created to facilitate fair lending laws.   The data provided by Section 1071 is critical because loan applicants often don’t know that they have been subjected to discrimination. We cannot eradicate discrimination if we cannot quantify it. This deliberate attempt to roll back protections is an attack on fairness and equality, nothing less.   Regulation can occasionally be a burden, however, rampant discrimination and predatory actions will occur under an ‘honor system’ such as the Republican always default to. In my opinion the racism underlying these measures is more of a burden.   There are other bills that are chipping away at the ECOA, like the Bank Loan Privacy Act and the LENDER Act. Please oppose those as well.   How any of this activity levels the playing field for small business across the country is a mystery. Please defend the ECOA.   Thank you and your staff for your service.