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US HB941
Bill
Status
2/4/2025
Primary Sponsor
French Hill
Click for details
AI Summary
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Amends the Equal Credit Opportunity Act to give financial institutions a 3-year compliance period from the date the CFPB's small business lending data collection rule (Regulation B, published May 31, 2023) was issued
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Provides an additional 2-year safe harbor after the initial compliance period during which institutions must comply but face no penalties for violations
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Redefines "financial institution" subject to the rule as entities that originated at least 500 small business credit transactions in each of the previous 2 calendar years
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Narrows the definition of "small business" to entities with gross annual revenues of $1,000,000 or less in the most recently completed fiscal year
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Introduced February 4, 2025 and referred to the House Committee on Financial Services
Legislative Description
Small LENDER Act Small Lenders Exempt from New Data and Excessive Reporting Act
Commerce
Last Action
Referred to the House Committee on Financial Services.
2/4/2025