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118-s-1159Committee
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Small LENDER Act

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Summary

Official CRS summary

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.

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Bill details

Congress
118
Bill type
s
Introduced
March 30, 2023
Sponsor
Not yet available
Last action
March 30, 2023— Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

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