S 1159 118th Congress Senate Commerce Banking and financial institutions regulation Business records Data collection, sharing, protection Financial services and investments Small business

Small LENDER Act

Introduced: March 30, 2023 Introduced by: Boozman, John Republican · Arkansas 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 30, 2023

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

Mar 30, 2023

Introduced in Senate

Plain-English summary Congressional Research Service

Small Lenders Exempt from New Data and Excessive Reporting Act or the Small LENDER Act

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.

What's happening now March 30, 2023

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

Committees of jurisdiction 1