119-hr941

[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>