Small LENDER Act
- Last Action
- 3/30/2023
Actions
- 2023-03-30Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- 2023-03-30Introduced in Senate
CRS Summary
As of 2023-03-30 (00)
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.
Cosponsors (13)
- Steve Daines (R-MT)
- Cynthia Lummis (R-WY)
- Kevin Cramer (R-ND)
- Chuck Grassley (R-IA)
- John Kennedy (R-LA)
- Joseph Manchin (D-WV)
- John Thune (R-SD)
- Roger Marshall (R-KS)
- Katie Britt (R-AL)
- Pete Ricketts (R-NE)
- Mike Braun (R-IN)
- Mike Crapo (R-ID)
- James Risch (R-ID)
Subjects
- Banking and financial institutions regulation
- Business records
- Data collection, sharing, protection
- Financial services and investments
- Small business
Sourced from Congress.gov (public domain).
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.