Us Congress 2025-2026 Regular Session

Us Congress House Bill HB941 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1	I
2	2	119THCONGRESS
3	3	1
4	4	STSESSION H. R. 941
5	5	To amend the Equal Credit Opportunity Act to provide for an effective
6	6	date and a temporary safe harbor for compliance with certain small
7	7	business lending data collection rules, and for other purposes.
8	8	IN THE HOUSE OF REPRESENTATIVES
9	9	FEBRUARY4, 2025
10	10	Mr. H
11	11	ILLof Arkansas (for himself, Mr. MEUSER, Mrs. WAGNER, Mr.
12	12	H
13	13	UIZENGA, Mr. TIMMONS, Mr. MOOREof North Carolina, and Mr. WIL-
14	14	LIAMSof Texas) introduced the following bill; which was referred to the
15	15	Committee on Financial Services
16	16	A BILL
17	17	To amend the Equal Credit Opportunity Act to provide for
18	18	an effective date and a temporary safe harbor for compli-
19	19	ance with certain small business lending data collection
20	20	rules, and for other purposes.
21	21	Be it enacted by the Senate and House of Representa-1
22	22	tives of the United States of America in Congress assembled, 2
23	23	SECTION 1. SHORT TITLE. 3
24	24	This Act may be cited as the ‘‘Small Lenders Exempt 4
25	25	from New Data and Excessive Reporting Act’’ or the 5
26	26	‘‘Small LENDER Act’’. 6
27	27	VerDate Sep 11 2014 16:39 Mar 03, 2025 Jkt 059200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H941.IH H941
28	28	ssavage on LAPJG3WLY3PROD with BILLS 2
29	29	•HR 941 IH
30	30	SEC. 2. SMALL BUSINESS LOAN DATA COLLECTION. 1
31	31	Section 704B of the Equal Credit Opportunity Act 2
32	32	(15 U.S.C. 1691c–2) is amended— 3
33	33	(1) in subsection (g), by adding at the end the 4
34	34	following: 5
35	35	‘‘(4) C
36	36	OMPLIANCE WITH COVERED RULE .— 6
37	37	‘‘(A) I
38	38	N GENERAL.—With respect to the 7
39	39	covered rule, the Bureau shall provide a finan-8
40	40	cial institution a 3-year period beginning on the 9
41	41	date the covered rule was issued to comply with 10
42	42	the rule. 11
43	43	‘‘(B) S
44	44	AFE HARBOR.—After the end of the 12
45	45	3-year period described under subparagraph 13
46	46	(A), the Bureau shall provide a 2-year safe har-14
47	47	bor to a financial institution during which the 15
48	48	financial institution is required to comply with 16
49	49	the covered rule but is not subject to any pen-17
50	50	alties for failure to comply with the covered 18
51	51	rule. 19
52	52	‘‘(C) C
53	53	OVERED RULE DEFINED .—In this 20
54	54	paragraph, the term ‘covered rule’ means the 21
55	55	final rule of the Bureau titled ‘Small Business 22
56	56	Lending Under the Equal Credit Opportunity 23
57	57	Act (Regulation B)’ (88 Fed. Reg. 35150, pub-24
58	58	lished May 31, 2023).’’; and 25
59	59	(2) in subsection (h)— 26
60	60	VerDate Sep 11 2014 16:39 Mar 03, 2025 Jkt 059200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H941.IH H941
61	61	ssavage on LAPJG3WLY3PROD with BILLS 3
62	62	•HR 941 IH
63	63	(A) by striking paragraph (1) and insert-1
64	64	ing the following: 2
65	65	‘‘(1) F
66	66	INANCIAL INSTITUTION.—The term ‘fi-3
67	67	nancial institution’ means— 4
68	68	‘‘(A) any partnership, company, corpora-5
69	69	tion, association (incorporated or unincor-6
70	70	porated), trust, estate, cooperative organization, 7
71	71	or other entity that engages in any financial ac-8
72	72	tivity; and 9
73	73	‘‘(B) in each of the previous 2 calendar 10
74	74	years originated not less than 500 credit trans-11
75	75	actions for small businesses.’’; and 12
76	76	(B) by striking paragraph (2) and insert-13
77	77	ing the following: 14
78	78	‘‘(2) S
79	79	MALL BUSINESS.—The term ‘small busi-15
80	80	ness’ means any entity with gross annual revenues 16
81	81	of $1,000,000 or less in the most recently completed 17
82	82	fiscal year.’’. 18
83	83	Æ
84	84	VerDate Sep 11 2014 16:39 Mar 03, 2025 Jkt 059200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6301 E:\BILLS\H941.IH H941
85	85	ssavage on LAPJG3WLY3PROD with BILLS