CONGRESS FOR VOTERS

J. Hill (R-AR)

Small LENDER Act

H.R. 941 · House bill Commerce

A Republican bill with 16 Republican cosponsors · See all 16 cosponsors

Last activity — Placed on the Union Calendar, Calendar No. 610.

Cleared committee, waiting for its first floor vote

A committee approved it and it is on the calendar of the chamber it started in.

This is further than most bills get, and still no promise of a vote: the calendar is a queue, and the majority leadership decides what is called. A bill can sit here until the Congress ends.

Its path through Congress

  1. Introduced
  2. On Calendar

What this bill would do

H.R. 941, known as the Small LENDER Act, amends the Equal Credit Opportunity Act regarding small business lending data collection. It gives financial institutions until June 1, 2031, before they are required to comply with certain data collection rules, and provides a two-year safe harbor where compliance is not enforced. The bill exempts financial institutions that originated less than 2,500 small business credit transactions in each of the two previous calendar years, or that have less than $10,000,000,000 in assets. It requires financial institutions to inform applicants in writing that providing data is not required and will not affect credit evaluations. Additionally, it prohibits financial institutions from compiling information using visual observation or any manner other than direct provision by the applicant. Finally, it redefines a small business as an entity with gross annual revenues of $1,000,000 or less.

Yes· 3 of 6

  • Scored +6

    Would business owners be better off under this?

    The bill provides significant regulatory relief and exemptions for small business owners and the small financial institutions that lend to them.

  • Scored +5

    Does this make it easier to run a small business?

    The bill reduces the regulatory and reporting burden on small financial institutions through exemptions and a delayed compliance date.

  • Scored +4

    Would farmers be better off under this?

    Small agricultural lenders will benefit from the exemptions and reduced reporting requirements provided by the bill.

The opposite· 3 of 9

  • Scored -4

    Does this narrow racial gaps in how people are treated?

    By delaying the collection of small business lending data, the bill hinders the ability to monitor and address potential disparities in credit access.

  • Scored -3

    Would Black Americans be better off under this?

    The delay in data collection may obscure patterns of lending disparities that impact minority-owned businesses.

  • Scored -3

    Would Hispanic Americans be better off under this?

    Limiting the collection of lending data can reduce the ability to track and address equity gaps in credit access for Hispanic business owners.