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The Small LENDER Act amends the Equal Credit Opportunity Act to delay and soften compliance requirements for small business lending data collection rules. The bill provides financial institutions a 3-year period to comply with the Consumer Financial Protection Bureau's 2023 small business lending data rule, followed by a 2-year safe harbor during which institutions must comply but face no penalties for violations. The bill also redefines which institutions are subject to these rules, limiting them to those that originated at least 500 small business credit transactions in each of the previous two calendar years, and defines small businesses as entities with gross annual revenues of $1,000,000 or less.
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