Small LENDER Act

J. French Hill

Republican · AR · Representative

Source: Congress.gov · FEC

• Ann Wagner (R-MO-2)Original· 2025-02-04
• Bill Huizenga (R-MI-4)Original· 2025-02-04
• Daniel Meuser (R-PA-9)Original· 2025-02-04
• Roger Williams (R-TX-25)Original· 2025-02-04
• Tim Moore (R-NC-14)Original· 2025-02-04
• William R. Timmons IV (R-SC-4)Original· 2025-02-04
• Mike Haridopolos (R-FL-8)· 2025-02-12
• Zachary Nunn (R-IA-3)· 2025-02-12
• Ashley Hinson (R-IA-2)· 2025-05-08
• Ryan Mackenzie (R-PA-7)· 2025-05-13
• Steve Womack (R-AR-3)· 2025-05-14
• Trent Kelly (R-MS-1)· 2025-07-02
• Vern Buchanan (R-FL-16)· 2025-07-29
• Jefferson Shreve (R-IN-6)· 2025-10-28
• John W. Rose (R-TN-6)· 2026-04-20
• Joe Wilson (R-SC-2)· 2026-05-04

Placed on the Union Calendar, Calendar No. 610.

2026-06-18

Source: Congress.gov

Small Lenders Exempt from New Data and Excessive Reporting Act or the Small LENDER Act This bill modifies the requirements for financial institutions to report certain information about small business credit applications to the Consumer Financial Protection Bureau (CFPB) and extends the timeline for compliance with the CFPB rule with respect to such reporting (i.e., Section 1071 final rule ). (For background about the CFPB rule and subsequent litigation see CRS Report R47788 .) Under the bill, the reporting requirements apply only to financial institutions that originate at least 500 credit transactions to small businesses in each of the preceding two years. The bill further defines small businesses as those with gross annual revenue of $1 million or less. The rule currently establishes a phase-in period that ultimately requires institutions that originate over 100 credit transactions to small businesses to comply with the reporting requirements. The rule also defines small businesses as those with gross annual revenue of $5 million or less. Further, beginning on the date the final CFPB rule was issued (May 31, 2023), the bill provides three years for applicable financial institutions to comply with the rule followed by a two-year safe harbor period during which such institutions are not subject to any penalties for failure to comply with the rule.

Plain-English rewrite of the Congressional Research Service summary published on Congress.gov. Cached and reviewed.

[Congressional Bills 119th Congress] [From the U.S. Government Publishing Office] [H.R. 941 Introduced in House (IH)] <DOC> 119th CONGRESS 1st Session H. R. 941 To amend the Equal Credit Opportunity Act to provide for an effective date and a temporary safe harbor for compliance with certain small business lending data collection rules, and for other purposes. _______________________________________________________________________ IN THE HOUSE OF REPRESENTATIVES February 4, 2025 Mr. Hill of Arkansas (for himself, Mr. Meuser, Mrs. Wagner, Mr. Huizenga, Mr. Timmons, Mr. Moore of North Carolina, and Mr. Williams of Texas) introduced the following bill; which was referred to the Committee on Financial Services _______________________________________________________________________ A BILL To amend the Equal Credit Opportunity Act to provide for an effective date and a temporary safe harbor for compliance with certain small business lending data collection rules, 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 ``Small Lenders Exempt from New Data and Excessive Reporting Act'' or the ``Small LENDER 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 (g), by adding at the end the following: ``(4) Compliance with covered rule.-- ``(A) In general.--With respect to the covered rule, the Bureau shall provide a financial institution a 3-year period beginning on the date the covered rule was issued to comply with the rule. ``(B) Safe harbor.--After the end of the 3-year period described under subparagraph (A), the Bureau shall provide a 2-year safe harbor to a financial institution during which the financial institution is required to comply with the covered rule but is not subject to any penalties for failure to comply with the covered rule. ``(C) Covered rule defined.--In this paragraph, the term `covered rule' means the final rule of the Bureau titled `Small Business Lending Under the Equal Credit Opportunity Act (Regulation B)' (88 Fed. Reg. 35150, published May 31, 2023).''; and (2) in subsection (h)-- (A) by striking paragraph (1) and inserting the following: ``(1) Financial institution.--The term `financial institution' means-- ``(A) any partnership, company, corporation, association (incorporated or unincorporated), trust, estate, cooperative organization, or other entity that engages in any financial activity; and ``(B) in each of the previous 2 calendar years originated not less than 500 credit transactions for small businesses.''; and (B) by striking paragraph (2) and inserting the following: ``(2) Small business.--The term `small business' means any entity with gross annual revenues of $1,000,000 or less in the most recently completed fiscal year.''. <all>

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