119th Congress Commerce
H.R. 941: Small LENDER Act
Reported
- Introduced (completed)
- Passed House (not reached)
- Passed Senate (not reached)
- To the President (not reached)
- Became law (not reached)
Summary
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.
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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.
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
- Bill Huizenga R-MIOriginal
- Daniel Meuser R-PAOriginal
- Tim Moore R-NCOriginal
- William Timmons R-SCOriginal
- Ann Wagner R-MOOriginal
- Roger Williams R-TXOriginal
- Mike Haridopolos R-FL
- Zachary (Zach) Nunn R-IA
- Ashley Hinson R-IA
- Ryan Mackenzie R-PA
- Steve Womack R-AR
- Trent Kelly R-MS
- Vern Buchanan R-FL
- Jefferson Shreve R-IN
- John Rose R-TN
- Joe Wilson R-SC
Who scored on this bill
- 1J. Hill SponsorIntroduced, marked up, reported3 events+32
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Introductions and cosponsorships count toward weekly caps and show no points.
Other bills by J. Hill
History
- Introduced in the House by J. Hill.
Show the full action history (6 actions)
- Reported (Amended) by the Committee on Financial Services. H. Rept. 119-702.
- Placed on the Union Calendar, Calendar No. 610.
- Committee Consideration and Mark-up Session Held
- Ordered to be Reported by the Yeas and Nays: 26 - 22.
- Introduced in House
- Referred to the House Committee on Financial Services.