HR 6732 · 117th Congress 2021–2023, ended

Small LENDER Act

Introduced Feb 15, 2022 Originated House Sponsor J. French Hill R-AR

Fact sheet

Latest action · Feb 15, 2022 Referred to the House Committee on Financial Services.

Progress

Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.

  1. IntroducedFeb 15, 2022
  2. Passed HouseNot reached
  3. Passed SenateNot reached
  4. To the PresidentNot reached
  5. Became lawNot reached

Summary

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.

Cosponsors 8

Members who signed on, in the order they did. Signatures ran from Feb 15, 2022 to May 11, 2022, with 2 there on the day it was introduced.

SeatCosponsorSigned on
R-MOBlaine LuetkemeyerOriginalFeb 15, 2022
R-TXRoger WilliamsOriginalFeb 15, 2022
R-IAAshley HinsonMar 17, 2022
R-TXLouie GohmertMar 17, 2022
R-CAYoung KimMar 30, 2022
R-IARandy FeenstraMar 31, 2022
R-TNDavid KustoffMay 10, 2022
R-SCWilliam R. Timmons IVMay 11, 2022

Actions 3

Everything that happened, newest first.

  1. Feb 15, 2022Introduced in House
  2. Feb 15, 2022Referred to the House Committee on Financial Services.
  3. Feb 15, 2022Sponsor introductory remarks on measure. (CR H1323)

Related bills 1

Companion bills and other measures the record links to this one.

BillTitleRelationshipLatest action
S 4004Small LENDER ActRelated billApr 5, 2022

Subjects

Assigned by the Library of Congress. Policy area: Commerce.

Text 1

Each version as it was printed, newest first.

  1. Feb 15, 2022Introduced in House

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Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.