S 1159 · 118th Congress 2023–2025, ended

Small LENDER Act

Introduced Mar 30, 2023 Originated Senate Sponsor John Boozman R-AR

Fact sheet

Latest action · Mar 30, 2023 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.

  1. IntroducedMar 30, 2023
  2. Passed SenateNot reached
  3. Passed HouseNot 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 13

Members who signed on, in the order they did. Signatures ran from Mar 30, 2023 to Dec 10, 2024, with 5 there on the day it was introduced.

SeatCosponsorSigned on
R-IAChuck GrassleyOriginalMar 30, 2023
R-WYCynthia M. LummisOriginalMar 30, 2023
R-LAJohn KennedyOriginalMar 30, 2023
R-NDKevin CramerOriginalMar 30, 2023
R-MTSteve DainesOriginalMar 30, 2023
I-WVJoe Manchin IIIMay 31, 2023
R-SDJohn ThuneJun 7, 2023
R-KSRoger MarshallJun 7, 2023
R-ALKatie Boyd BrittJun 12, 2023
R-INMike BraunJun 17, 2024
R-NEPete RickettsJun 17, 2024
R-IDJames E. RischDec 10, 2024
R-IDMike CrapoDec 10, 2024

Actions 2

Everything that happened, newest first.

  1. Mar 30, 2023Introduced in Senate
  2. Mar 30, 2023Read 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.

BillTitleRelationshipLatest action
HR 1806Small LENDER ActIdentical billMar 27, 2023

Subjects

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

Text 1

Each version as it was printed, newest first.

  1. Mar 30, 2023Introduced in Senate

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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.