What This Bill Does · Plain English
Summary · 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.
Action Timeline
2026-04-21
Ordered to be Reported by the Yeas and Nays: 26 - 22.
2026-04-21
Committee Consideration and Mark-up Session Held
2025-02-04
Introduced in House
2025-02-04
Referred to the House Committee on Financial Services.
2025-02-04
Introduced in House
Frequently Asked Questions
Did HR.941 pass?
HR.941 is still alive. Current stage: REPORTED. Pass likelihood: 31%.
What does HR.941 do?
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 tr…
Who sponsored HR.941?
HR.941 was sponsored by J. French Hill (R-Arkansas).
Full Bill Text
119 HR 941 IH: Small Lenders Exempt from New Data and Excessive Reporting Act U.S. House of Representatives 2025-02-04 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. I 119th CONGRESS 1st Session H. R. 941 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. 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 . 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. .
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