Small LENDER Act
Latest action · Apr 5, 2022 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
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.
- IntroducedApr 5, 2022
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- 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 7
Members who signed on, in the order they did. Signatures ran from Apr 5, 2022 to Jul 12, 2022, with 3 there on the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-WY | Cynthia M. Lummis | Original | Apr 5, 2022 |
| R-ND | Kevin Cramer | Original | Apr 5, 2022 |
| R-NC | Thom Tillis | Original | Apr 5, 2022 |
| R-LA | John Kennedy | May 10, 2022 | |
| R-MT | Steve Daines | May 19, 2022 | |
| R-IA | Joni Ernst | Jun 22, 2022 | |
| R-IA | Chuck Grassley | Jul 12, 2022 |
Actions 2
Everything that happened, newest first.
- Apr 5, 2022Introduced in Senate
- Apr 5, 2022Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| HR 6732 | Small LENDER Act | Related bill | Feb 15, 2022 |
Subjects
Assigned by the Library of Congress. Policy area: Commerce.
Text 1
Each version as it was printed, newest first.
- Apr 5, 2022Introduced in Senate
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.