S. 1159 · 118th Congress
Small LENDER Act
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Never voted on. It didn't reach a floor vote before the 118th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
BoozmanSponsor13 cosponsors · 1 D, 12 R
R
Cramer
SD
R
Daines
CG
R
Grassley
JK
R
Kennedy
CL
R
Lummis
JM
D
Manchin
RM
R
Marshall
JT
R
Thune
KB
R
Britt
MB
R
Braun
PR
R
Ricketts
MC
R
Crapo
JR
R
Risch5 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Small Lenders Exempt from New Data and Excessive Reporting Act or the Small LENDER Act
What it does: CRS summary · Introduced in Senate · Mar 30, 2023
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.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Small LENDER Act
Also known as: Small Lenders Exempt from New Data and Excessive Reporting Act
Latest action (Mar 30, 2023): Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Policy area: Commerce · Origin: Senate · Introduced: Mar 30, 2023
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.