H.R. 941 Reported by committee Commerce

Small LENDER Act

To amend the Equal Credit Opportunity Act to provide for an effective date and a temporary safe harbor for compliance with certain small business lending data collection rules, and for other purposes.

  1. Introduced
  2. Committee
  3. Passed House
  4. Passed Senate
  5. To President
  6. Became law
Sponsor Rep. Hill, J. French [R-AR-2] Introduced February 4, 2025 Cosponsors 16 (16 R) Latest action June 18, 2026

Summary

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.

Summary by the Congressional Research Service, Library of Congress.

Congress.gov

Actions

  1. Jun 18, 2026 Placed on the Union Calendar, Calendar No. 610.
  2. Jun 18, 2026 Reported (Amended) by the Committee on Financial Services. H. Rept. 119-702.
  3. Apr 21, 2026 Ordered to be Reported by the Yeas and Nays: 26 - 22.
  4. Apr 21, 2026 Committee Consideration and Mark-up Session Held
  5. Feb 4, 2025 Referred to the House Committee on Financial Services.
  6. Feb 4, 2025 Introduced in House

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