H.R. 941 · 119th Congress
Small LENDER Act
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HillSponsor16 cosponsors · 16 R
R
Huizenga
DM
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Meuser
TM
R
Moore
WT
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Timmons
AW
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Wagner
RW
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Williams
MH
R
Haridopolos
ZZ
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(Zach) Nunn
AH
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Hinson
RM
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Mackenzie
SW
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Womack
TK
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Kelly
VB
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Buchanan
JS
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Shreve
JR
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Rose
JW
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Wilson6 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 House · Feb 4, 2025
Small Lenders Exempt from New Data and Excessive Reporting Act or the Small LENDER Act
This bill modifies the requirements for financial institutions to report certain information about small business credit applications to the Consumer Financial Protection Bureau (CFPB) and extends the timeline for compliance with the CFPB rule with respect to such reporting (i.e., Section 1071 final rule). (For background about the CFPB rule and subsequent litigation see CRS Report R47788.)
Under the bill, the reporting 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 gross annual revenue of $1 million or less.
The rule currently establishes a phase-in period that ultimately requires institutions that originate over 100 credit transactions to small businesses to comply with the reporting requirements. The rule also defines small businesses as those with gross annual revenue of $5 million or less.
Further, beginning on the date the final CFPB rule was issued (May 31, 2023), the bill provides three years for applicable financial institutions to comply with the rule followed by a two-year safe harbor period during which such institutions are not subject to any penalties for failure to comply with the rule.
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 (Jun 18, 2026): Placed on the Union Calendar, Calendar No. 610.
Policy area: Commerce · Origin: House · Introduced: Feb 4, 2025
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.