HR 7351
117th Congress
House
Finance and Financial Sector
Promoting Fair Lending to Small Businesses Act
Introduced: March 31, 2022
Introduced by:
Velázquez, Nydia M.
Democratic
· New York
See on congress.gov
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Mar 31, 2022
Referred to the House Committee on Financial Services.
Mar 31, 2022
Introduced in House
Plain-English summary
Promoting Fair Lending to Small Businesses Act
This bill requires the Consumer Financial Protection Bureau (CFPB) to require reports from and conduct periodic examinations of certain nondepository business lenders. Specifically, the CFPB must assess these lenders' compliance with fair lending laws, obtain information about compliance systems or procedures, and detect risks to small businesses and to minority- and women-owned businesses. Under the bill, nondepository lenders include financial institutions that are not banks or credit unions but that are required to report under certain fair lending laws.
What's happening now
Referred to the House Committee on Financial Services.
Committees of jurisdiction
1