118th Congress Commerce
S. 1159: Small LENDER Act
Introduced
- Introduced (completed)
- Passed Senate (not reached)
- Passed House (not reached)
- To the President (not reached)
- Became law (not reached)
Summary
This bill exempts certain financial institutions and transactions from the Consumer Financial Protection Bureau (CFPB) reporting requirements with respect to data about small business credit applications.
Under the bill, the 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 annual revenue of $1 million or less.
Currently, the CFPB has proposed a rule that the requirements apply only to financial institutions that originate at least 25 annual credit transactions to small businesses in each of the preceding two years. The rule further defines small businesses as those with annual revenue of $5 million or less.
Written by the Congressional Research Service, Library of Congress.
Roll calls
No roll call votes have been held on this bill.
Amendments
No amendments were offered to this bill.
Cosponsors
- Kevin Cramer R-NDOriginal
- Steve Daines R-MTOriginal
- Charles Grassley R-IAOriginal
- John Kennedy R-LAOriginal
- Cynthia Lummis R-WYOriginal
- Joe Manchin I-WV
- Roger Marshall R-KS
- John Thune R-SD
- Katie Britt R-AL
- Mike Braun R-IN
- Pete Ricketts R-NE
- Michael Crapo R-ID
- James Risch R-ID
Who scored on this bill
- 1John Boozman SponsorIntroduced, drew cross-party cosponsors2 events+6
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Other bills by John Boozman
History
- Introduced in the Senate by John Boozman.
Show the full action history (2 actions)
- Introduced in Senate
- Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.