118th Congress · SENATE BILLBILL

S. 1159 — Small LENDER Act

“A bill to amend the Equal Credit Opportunity Act to modify the requirements associated with small business loan data collection, and for other purposes.”

Commerce

Introduced Mar 30, 2023

Last action Mar 30, 2023

Pipeline · Bill → Law

Step 1

Introduced

Mar 30, 2023

Step 2

Referred

Mar 30, 2023

Banking, Housing, and Urban Affairs

Step 3

Committee

Step 4

Senate

Step 5

House floor

Step 6

Resolve Changes

Step 7

Signed

SummaryCRS 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...

Provisions · 2 sectionsIntroduced in Senate

Timeline · 2 actions

Mar 30, 2023

Introduced in Senate

Mar 30, 2023

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.